Copper Tumbles Near $2.70 On COMEX

COMEX Copper futures tumbled today as lingering worries about the trade dispute between the United States and China hurt sentiments. A stronger dollar also played a role in pulling the red metal to $ 2.72 per pound, down 1.60% on the day. The red metal had dropped to a one year low under $ 2.70 per pound in the middle of last month and has been witnessing choppy trades thereafter. MCX Copper futures are quoting at Rs 414.65 per kg, down 1.05% on the day.

Economic data was weak today. German factory orders declined 4 percent month-on-month in June, reversing a 2.6% increase in May, figures from Destatis showed. This was the biggest fall since January 2017. Both domestic and foreign orders slid 2.8% and 4.7%, respectively. Excluding major orders, new orders decreased 3.2% in June. On a yearly basis, factory orders fell unexpectedly by 0.8%, in contrast to Mays 4.7% increase.

US dollar index soared to a three week high of 95.40 after breaking above the critical 95 levels mark on Friday. The US nonfarm payrolls increased by 157,000 for the month, marking its lowest gain since March this year. The unemployment rate fell one-tenth of a percentage point to 3.9% though while the average hourly earnings increased 2.7% over the same period a year ago. The May nonfarm reading was revised from 244,000 to 268,000 while Junes number increased from 213,000 originally reported up to 248,000.