MTECHTIPS:-Copper declines, tracking losses in other metals

MTECHTIPS:-Copper declines, tracking losses in other metals

Copper prices declined on Monday, tracking steep losses across the metals complex, as a broadly stronger U.S. dollar and expectations of higher interest rates in the U.S. weighed. Copper for September delivery on the Comex division of the New York Mercantile Exchange dipped 0.9 cents, or 0.37%, to trade at $2.487 a pound during European morning hours. Copper prices retreated 3.4 cents, or 1.65%, last week, amid concerns over the health of China’s economy. The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year. Elsewhere, gold futures for August delivery tumbled $18.10, or 1.6%, to trade at $1,113.80 a troy ounce, while silver futures for September delivery slumped 4.7 cents, or 0.32% to trade at $14.78 an ounce. Gold plunged by as much as 5.3% in a matter of minutes during early Asian morning hours to hit an intraday low of $1,080.00, a level not seen since February 2010. Gold’s losses accelerated as a bout of technical selling kicked in after prices broke below a key support level close to the $1,120-level, triggering fresh sell orders amid bearish chart signals.
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