Copper’s three-month price spent most of the day consolidating in positive territory close to the $7,000 per tonne mark.
The red metal dipped during the afternoon, with prices falling more than 2% to below $6,800 per tonne – the first time since April 6.
Copper lead the complex in volumes traded at 20,126, however a rising dollar and further geopolitical uncertainty contributed to the metal’s struggle this afternoon.
Despite Freeport McMoran’s continuing dispute with the Indonesian government, it was reported that there would be no disruptions at its Grasberg operating subsidiary, which has weighed on copper prices.
Similarly, nickel followed the complex lower, closing below $14,000 per tonne for the first time since April 13, despite reaching a high...