Copper dipped during Asian trade on Monday, resuming its downward trend following a late-session rally on Friday, as the US dollar strengthened and investors awaited industrial activity data from China, the world’s largest metals consumer.
Copper fell to $8,136.50, its lowest level in more than five months, on Friday, driven down by concerns about the pace of China’s economic recovery, mounting stockpiles, and the dollar’s strength.
The dollar reached a five-week high against key rivals, benefiting from domestic inflation fears and global recession concerns. A stronger dollar raises the price of metals priced in greenbacks for holders of other currencies.
Analysts predict that China will release monthly industrial output, retail sales, and fixed asset investment figures on Tuesday, which will keep investors on edge.
Copper prices have spilled about 14% since going to an elevate of $9,550. 50 a tone in Jan when the metal was propped up by optimism around Chinese request afterward Beijing lifted COVID-19 curbs.
China’s central bank rolled over maturing medium-term policy loans while maintaining the interest rate unchanged on Monday, as expected, but markets anticipate monetarily easing may be ascertained in the approaching months to back up the economic recovery.
Copper Short (Sell)
Enter At: 3.6860
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