December copper futures on the Comex became cheaper on 1,47% – to 2.08 per pound (about 0.45 kilograms). According to the analyst of Commonwealth Bank of Australia Lallana Show, while the dollar will remain strong as prices for metals will be hard.
MOSCOW, Nov 17. Copper continues to fall in price, trading within the district six-year lows after expectations of a December rate hike by the fed gave a sharp push up the dollar, according to AFP.
As at 08.23 GMT December futures for copper on the Comex became cheaper on 1,47% — to 2.08 per pound (about 0.45 kilograms).
At the end of trading Monday the price of a ton of copper on the London metal exchange (LME) for delivery in three months fell 2.8% to $ 4690 per tonne. Price per ton of aluminum dropped to 1.61% to 1467 dollars, zinc — on 2,16%, to 1587 dollars.
The main pressure on the gold price Tuesday has a strong dollar. It strengthened against global currencies to its highest level in seven months, as investors turned their attention from the terrorist attacks in Paris on the prospects for a base rate increase by the fed.
“The dollar remains strong. The market is now focusing on his thoughts about the upcoming rate hike in December. While the dollar will remain strong as prices for metals will be difficult,” commented analyst at Commonwealth Bank of Australia Lachlan Show (Lachlan Shaw), quoted by Reuters.