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Greenback weighs on copper

(China Daily/Agencies)
Updated: 2010-03-25 10:17
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SHANGHAI - Shanghai copper reversed early gains and dropped nearly half a percent on Wednesday, pressured by dollar strength and as investors await a eurozone summit that may provide a solution for Greece's debt crisis.

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"The market is closely watching the euro and dollar. There's no direction," said a Shanghai-based trader. "Domestic consumption is not bad, but in the meantime there's abundant spot supply."

Shanghai's benchmark third-month copper futures contract ended down 0.4 percent to 59,300 yuan ($8,686.61) a ton. It rose as high as 59,890 yuan earlier in the day.

Three-month copper on the London Metal Exchange was down 0.3 percent, or $20, to $7,420 a ton.

 

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