BLBG: Copper Falls as Dollar Climbs, China Stockpile Sales Reported
Copper prices fell in New York as the dollar strengthened and on a report that China may be selling some of its stockpile of the metal.
Copper futures for July delivery fell 2.75 cents, or 1.3 percent, to $2.073 a pound at 8:17 a.m. on the New York Mercantile Exchange’s Comex division. The U.S. Dollar Index, a six-currency gauge, climbed as much as 0.9 percent after tumbling 3.7 percent last week.
Reuters reported that China’s State Reserves Bureau sold copper in the past month and may put as much as 50,000 metric tons on the market, citing industry sources that were offered some of the metal.
