Renewal of concerns about challenging circumstances in the 17-nation euro bloc pulled down copper futures from their four-month high on Monday, according to Reuters.
Calls from opposition leaders for Spanish Prime Minister Mariano Rajoy to resign in the aftermath of a published report stating he and members of his party accepted illegal payments abounded on Monday. Former Italian Prime Minister Silvio Berlusconi closed in on the front runner despite facing four years incarceration for a tax fraud conviction. The euro slipped against the U.S. dollar, pulling down the allure of raw materials as alternative investments during challenging times.
“Concerns over Europe may be working to lower metal prices, especially as the dollar firms up,” futures specialist Sterling Smith with Citigroup Inc. in Chicago told the news source on Monday.
At 1:52 p.m. on Monday, copper futures fell 0.44 percent, a 0.0165 cent loss to $3.7685 per pound.
Reuters reports those losses were minimized by gains in confidence for growth following data noting the U.S. economy, the globe’s largest, is on the mend. The economy of China, the globe’s top consumer of copper, showed a modest rebound in factory activity.
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