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On July 27, COMEX copper were reviewed

by:Deyuan      2020-12-23
New York, July 27, the COMEX copper futures ended lower on Wednesday, dragged down by copper inventories and a stronger dollar.

the most actively traded copper futures contract fell in September 1. 8%, to 2 per pound. $0255 for the biggest one-day fall since June 24.

MarexSpectron DeePerera base metals analyst, announced on the LME copper stocks increase after nearly 6000 tons, copper prices downward pressure, it is the equivalent of inventory increased by 4. 4%.

Perera said, & other; As long as this happens, prices began to weaken again. ”

copper also suffers from a stronger dollar. The latest Wall Street journal, the dollar index rose 0. By 2% to 88. 03%. Because copper denominated in dollars, rising dollar makes the copper price is more expensive to overseas buyers.

the federal open market committee ( FOMC) Policy statement published 7 month for resolution and said the United States to on July 27, the FOMC rate decision to maintain the federal funds rate on target range 0. 25% - 0. 5% remain the same.

although stay put, fed officials description of the Labour market and other economic sectors, more upbeat than previously, which hinted it might raise interest rates at the end of the year. Raising interest rates would promote a stronger dollar, further hurt dollar-denominated commodities such as copper prices.
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