LIVE FUTURES REPORT 09/07: LME base metals drift on stronger dollar; Cu down 1.5% on sharp sell-off

Base metals prices on the London Metal Exchange were mostly directionless in afternoon trading on July 9 due to a stronger dollar index, up 0.13 to 97.50.

This mixed consolidation in LME three-month prices has been broadly attributed to weak Chinese equities data and waning macro optimism in anticipation of a United States Federal Open Markets Committee decision on interest rates, expected on July 10. Copper’s three-month price dipped below its $5,800 support level to close down 1.5% at $5,791 per tonne from $5,878 per tonne at the close on Monday on a sharp sell-off. About 17,000 lots changed hands by the close of trade. The sharp sell-off has been...


Amy Hinton

July 09, 2019

17:49 GMT