Stronger United States dollar drives copper prices to their lowest in five weeks

Copper prices in London hit the lowest in five weeks on Friday, under pressure from a stronger United States (US) dollar.

This was also as a result of stronger-than-expected US employment data and mixed trade numbers from top metals consumer China, according to a daily market report published by Access Bank Zambia.

“Three-month copper on the London Metal Exchange was 3.7 percent lower at US$9,773.50 per metric tonne, after breaking below the 50-day moving average at US$9,860 to touch its lowest since May 2 at US$9,755,” the report indicated.

Meanwhile, oil prices edged up on Monday, aided by hopes of rising fuel demand this summer despite being weighed down by a firmer US dollar, as expectations of interest rate cuts were pushed out further following strong U.S. jobs data.

Brent crude futures gained 28 cents, or 0.4 percent, to US$79.90 a barrel and US West Texas Intermediate crude futures was up 0.3 percent, or 26 cents, at US$75.79 a barrel.

Gold prices held steady on Monday after a sharp sell-off in the previous session on stronger-than expected US jobs data, with investors awaiting the Federal Reserve policy meeting this week for further direction.

Spot gold was up 0.1 percent at US$2,295.29 per ounce. US gold futures fell 0.5 percent to US$2,312.20.

WARNING! All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express permission from ZAMBIA MONITOR.