Copper Futures Slid More than 2%
Copper futures slid lower on Tuesday, with both MCX and COMEX copper futures slipping from four-week highs, even as the US dollar continued to show weakness in the aftermath of last Friday's jobs report.
The health of the labor market one of the key economic conditions that the Fed will base its rate hike decisions on, the bad jobs report thwarted expectations for a June rate hike. This pressured the US currency, and sparked a big rally in dollar-denominated.
The main union at South32 Ltd.'s Cerro Matoso, the world's second-biggest ferro-nickel mine, said it will press ahead with plans to strike starting June 14. Supply disruptions are expected t0 benefit Nickel and Copper. There's concern that nickel may enter a deficit if the Philippines stops providing ore to China for nickel pig iron production.
Meanwhile, Indian Copper is showing sharp selloff. The prices of Copper depleted to Rs 306.75 per kg, down 2.2%. The prices tested a high of Rs 313.65 per kg and a low of Rs 306.30 per kg.
Powered by Commodity Insights