The three-month copper prices traded as low as $6,766 per tonne today, finding support throughout the afternoon and climbing back over the $6,800 per tonne support level at the close.
The red metal dropped marginally after the United States’ withdrawal from the Iran nuclear deal sent the dollar to a fresh 2018 high at 93.42, while oil prices similarly spiked.
President Donald Trump’s announcement that he will pull the US out of the Iran deal is likely to lead to the reinstatement of sanctions against Iran.
Yet micro factors are supporting copper prices in the near term.
“There are improving micro dynamics which should...