Copper
futures fell to the lowest level since early August during European
morning hours on Thursday, as a broadly stronger U.S. dollar dampened
the appeal of the industrial metal.
Investors now looked ahead to the European Central Bank’s policy decision due later in the day, as well as Friday’s U.S. jobs data for trading cues.
On the Comex division of the New York Mercantile Exchange, copper futures for May delivery traded at USD3.323 a pound during European morning trade, down 0.3% on the day.
New York-traded copper prices fell by as much as 0.8% earlier in the session to hit a daily low of USD3.306 a pound, the weakest level since August 3.
Copper prices struggled for upside traction due to a stronger U.S. dollar, as dollar-priced commodities become more expensive to investors holding other currencies when the greenback gains.
The dollar index, which tracks the performance of the greenback against a basket of six other major currencies, was up 0.7% to trade at 83.47, the strongest level since August.
Market players now looked ahead to Friday’s highly-anticipated U.S. monthly nonfarm payrolls report to further asses the strength of the country’s economy.
The U.S. is second behind China in global copper demand.
Investors also awaited the European Central Bank’s policy decision due later in the day, as well as comments by ECB President Mario Draghi for further hints on the future of its monetary policy.
Elsewhere on the Comex, gold for June delivery dipped 0.5% to trade at USD1,545.75 a troy ounce, while silver for May delivery was flat to trade at USD26.79 a troy ounce.
Gold and silver remained under pressure as investors were hesitant to enter the precious metals market amid a weak technical outlook.
Gold prices were trading at an 11-month low, while silver futures fell to the lowest since July.
Investors now looked ahead to the European Central Bank’s policy decision due later in the day, as well as Friday’s U.S. jobs data for trading cues.
On the Comex division of the New York Mercantile Exchange, copper futures for May delivery traded at USD3.323 a pound during European morning trade, down 0.3% on the day.
New York-traded copper prices fell by as much as 0.8% earlier in the session to hit a daily low of USD3.306 a pound, the weakest level since August 3.
Copper prices struggled for upside traction due to a stronger U.S. dollar, as dollar-priced commodities become more expensive to investors holding other currencies when the greenback gains.
The dollar index, which tracks the performance of the greenback against a basket of six other major currencies, was up 0.7% to trade at 83.47, the strongest level since August.
Market players now looked ahead to Friday’s highly-anticipated U.S. monthly nonfarm payrolls report to further asses the strength of the country’s economy.
The U.S. is second behind China in global copper demand.
Investors also awaited the European Central Bank’s policy decision due later in the day, as well as comments by ECB President Mario Draghi for further hints on the future of its monetary policy.
Elsewhere on the Comex, gold for June delivery dipped 0.5% to trade at USD1,545.75 a troy ounce, while silver for May delivery was flat to trade at USD26.79 a troy ounce.
Gold and silver remained under pressure as investors were hesitant to enter the precious metals market amid a weak technical outlook.
Gold prices were trading at an 11-month low, while silver futures fell to the lowest since July.
