Also dragging down the reddish metal on Monday was the re-emergence of sovereign debt crisis concerns the euro zone as the fiscal situations of two nations, Greece and Cyprus, are believed to be key topics of discussion when 17-nation bloc ministers convene.
“The main thing in the markets today is that the Chinese New Year takes a lot of buyers out of the markets,” futures specialist Sterling Smith with Citigroup Inc. in Chicago told the news on Monday. “We’ve also seen some overnight firmness in the dollar.”
At 2:17 p.m. on Monday, copper futures fell 0.88 percent, a 0.033 cent loss to $3.7265 per pound.
Dow Jones Newswires reports members of a union in Peru are planning to resume discussions for a new collective pact. But they also said they are not ruling out a desire to strike if the negotiations do not proceed as they please.
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