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Copper declines as Indonesia's Grasberg mine resumes output
On Tuesday, copper prices tumbled in Asia, as a strike at a major Indonesian mine has ended.
Reuters informed that Freeport McMoRan's Indonesian unit has already resumed its copper production at its Grasberg mine. Currently, traders are paying attention to a weeks-long strike in Chile at the Escondida copper mine owned by Australia's BHP Billiton.
In New York, May delivery copper futures dipped 1.02%, trading at $2.628 a pound on the news.
Additionally, April delivery gold futures sagged 0.46%, trading at $1,228,35 a troy ounce.
Overnight, gold dipped, backed by a tumble in the greenback, which is on track for the fourth session of drops, after G20 financial leaders didn’t manage to make a case for open and free global trade. Besides this, more dovish than expected Fed comments as for rate lifts kept backing the number one precious metal.
By the way, a tumble in the greenback also backed gold, as this commodity is dollar denominated.
Australian Private Capital Expenditure will be out on Thursday at 2:30 MT time!
Oil jumped to March high, stocks are heading to record highs, while the US dollar is on the back foot.
News geeks get ready for the chain of US reports, which starts at 15:30 MT time on November 25!