Copper Tanks, US Dollar Hits Four Month High Ahead Of Nonfarm Data
COMEX Copper futures tanked today as a slide from one week high continued amid weak equities. The red metal is down 1.20% at $ 2.56 per ounce right now. MCX Copper is also down 0.84% to trade at Rs 431.85 per kg. Investors continued to weigh the impact of Chinas effort to stimulate its economy and mitigate the coronavirus outbreak concerns. Meanwhile, the US dollar index firmed up sharply amid supportive economic data and added strong gains ahead of the release of the critical US nonfarm payrolls data. The index currently quotes around 98.50, up marginally on the day after hitting its highest level in four months earlier in the day. Equities slipped in Europe. Germanys DAX and UKs FTSE dropped 0.60% while Frances CAC slipped 0.30%, keeping the red metal under check. China delayed the release of trade data for January following the Coronavirus outbreak, sending the commodity traders in a tailspin as the monthly Copper import data is a critical barometer for the price action.