Quotes of copper fell against the dollar due to growth and profit-taking
Copper prices fell on Tuesday as a stronger dollar weighed on commodities. In addition, investors took profits after growth.
Three-month copper futures on the LME was trading down 1.40% at 5792.50 dollars per ton, whereas earlier on Tuesday quotations reached 5733 dollars per ton. On Monday, copper closed trading down at 5874 dollars per ton, whereas earlier in the day copper rose to a 17-month high.
On Tuesday, copper is under pressure due to a slight strengthening of the dollar, which contributes to lower prices for commodities denominated in the US currency. WSJ dollar index rose 0.11%.
Oil also fell on Tuesday. So, Brent crude oil fell in price by 2.09% to 48.19 dollars per barrel.
"We see potential for further correction in metal prices, especially considering the recent growth was allegedly caused by speculative activity"- noted in Commerzbank AG.
Other non-ferrous metals traded mixed. For example, aluminum has decreased in price by 0.78% to 1721.50 dollars per ton, lead rose by 0.55% to 2456 dollars per ton, zinc - by 1.72% to 2868.50 dollars per ton. Nickel fell by 1.22% to 11 380 dollars per ton, and tin - 0.24% to 20 900 dollars per ton.
of speculative positions on the LME data should come out later on Tuesday.
Since early November, has copper rose more than 19%, and the rally accelerated after the US presidential election, the results of which have increased hopes for infrastruktkrnye costs.
But the bulk of this growth was due to speculative purchases of Chinese retail investors and spur of the moment indicators, says David Wilson of Citi. China is the world's largest consumer of metals.
Despite the suspension of the rally, the Chinese government may raise margin requirements to reduce demand and to avoid the risk of excessive prices, adds Wilson. Speculators may have to reserve more funds for covering possible losses.
Thursday, the US and China will publish the November reports on the manufacturing industry, which can provide guidance on the demand for metals. Friday is expected another important report - on jobs outside agriculture the US in November.
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