Commodity reported that Softer Dollar induced some buying in Copper prices as the markets started the week on a positive note.
The reports from jobless claims and ISM manufacturing was quite dull last week yet the sentiments for buying returned with Asia clicking some gains and markets like Shanghai opening in green. Meanwhile, Dollar per Euro pair was exchanging hands at 1.4649 down 13 pips from Friday.
Strike in El Teniente mine by subcontractors is igniting buying from lower levels. Some 10000 subcontracted miners were on strike since May 25, seeking pay and benefits equal to that of the unionized workers.
In Shanghai, Copper contract for August expiry was trading at CNY 68420 per tonne up CNY 890. COMEX Copper is seen trading at USD 4.17 per pound up 3 cents.
