Copper sinks over 5 cents as dollar extends rally

摘要

Copper futures on the COMEX division ofnthe New York Mercantile Exchange fell morenthan 5 cents in Monday trading as the USndollar continued to pummel the euro. Thendollar strength could be due in part to marketnhopes over improvement in a string ofneconomic data due to be released in the USnthis week, although some data has reportedlynbeen delayed because of the onslaughtnof Hurricane Sandy, which is hitting the USneast coast. Copper for December delivery,nthe active contract, tumbled 5.55 cents tonsettle at 349.45 cents/lb, after rising to annintra-day high of 356.25 cents and slippingnto a day’s low at 348.20 cents. The euronfell to $1.2897 Monday form the mid-$1.29nlevel last week. The market is eyeing USneconomic data due for release this weeknalthough some numbers are reportedlyndelayed due to the arrival of HurricanenSandy in the US Northeast. For example,nthe US Labor Department has reportedly delayed the release of its latest jobs reportnthat was due out Friday, while the ConferencenBoard has pushed back release of its consumernconfidence index reading to Thursdaynfrom an original Tuesday release. The euronwas hurt as the trading week began as morenuncertainty brewed in the Eurozone over, fornexample, when floundering Spain might benprepared to request a financial bailout package.nThree months copper on the LondonnMetal Exchange closed the day at $7,699mt, down $117 from Friday’s close.