Copper prices came under pressure on Monday as the United States dollar strengthened and worries about Chinese demand resurfaced.
The worries about Chinese demand resurfaced after the country’s central bank surprised markets by leaving key interest rates unchanged.
Access bank daily market report showed that benchmark copper traded unchanged at US$8,339 a tonne in official rings after touching a low of US$8,308.
The report also showed that oil prices lost more than one percent on Monday as the Middle East conflict’s limited impact on crude output prompted profit taking after oil benchmarks gained two percent last week.
On brent crude, the report indicated: “futures were down US$1.14, or about 1.5 percent, at US$77.15 a barrel by 1250 GMT and U.S. West Texas Intermediate crude lost US$1.15, or 1.6 percent, to US$71.53.”
Like other metals, gold prices also advanced on Monday, as the its appeal was boosted by safe-haven demand owing to tensions in the Middle-East, while markets raised bets that the Federal reserve would cut rates sooner than expected.
Spot gold was up 0.3 percent at US$2,053.51 per ounce, while Unites States gold futures rose 0.3 percent to US$2,058.00, with trading expected to be low due to the Martin Luther King Day holiday.
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