The price of copper on Monday, September 29, 2014 after dollar index was able to pull back from fresh highs. It can be remembered that copper prices was at its lower for around three months so it’s really a good thing that dollar pulled back and went up against many other currencies.
As inventories piled up, nickel slid 1.6% on chart based sales. Aluminum ended higher by 0/8% at $1,963 per tonne following its intraday low which was its weakest in almost three months at $1,938.
In London Metal Exchange (LME), the standard copper ended up 0.4% at $6,742 after it went down in its weakest or lowest at $6,666 per tonne in June 16.
There was a dip in the U.S. dollar but it is still close to the multi-year highs compared to euro, yen and other exchanges. The 3-month rally has indeed with the dollar index gaining over 7% for the year 2014.
Ava Trade’s chief market forecaster Naeem Aslam said that he’s confident that the U.S. dollar will remain strong and continue to retain the pressure on the metals demand.
This Monday, the U.S. data was kind of mixed because of the slight rise of consumer spending, a little more than the projection from last month. On the other hand, pending home sales in the country went significantly lower than expected.
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