Greenback weighs on copper
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.
"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 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.
Bloomberg News
(China Daily 03/25/2010 page17)
