The slowing pace of the globe's most rapidly developing economic system helped pull down the price of copper futures to its lowest since early January, Reuters reports.
The prospect of lessening demand from China, also the globe's largest consumer of the reddish metal, pinched the industrial commodity's market performance. Tuesday's showing on the markets was impacted by an underwhelming jobs report for March issued by the U.S. Department of Labor late last week. Copper is sensitive to economic and financial developments due to its myriad uses in construction, manufacturing and other industries.
"This bares light on the copper move today," head precious metals trader Frank McGhee with Integrated Brokerage Services in Chicago told Reuters. "Overall, especially in the industrial side of things, it will be a much lower market over the next 60 to 90 days."
At 2:58 p.m. on Tuesday, copper futures fell 1.8 percent, a 6.7 cent slip to $3.653 per pound.
Dow Jones Newswires reports losses to the reddish metal, which now has reached three consecutive days, were linked with the world's reserve currency gaining value on Tuesday.
Risk Disclosure
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.
