Dollar Slips; London Copper Touches Four Weeks High
On Monday, copper in London headed upward, reaching its highest in four weeks following May's weaker than expected U.S. jobs data that stole away expectations of an interest rate hike from the Fed this month. The dollar also dipped compared to a basket of key currencies.
The production of copper in Democratic Republic of Congo, which is the leading miner of the metal in Africa, fell twenty percent in the first three months of this year.
The May employment data showed that economy added the least number of jobs in five and a half years. The dollar hovered close to its lowest in more than three weeks during the early trade giving an advantage to the commodity buyers who use other currencies.
An ANZ research note said, "A stronger USD and declining inventories across the board should see commodity prices start the week on a strong note."
On Monday, Federal Reserve chief, Janet Yellen is scheduled to give a speech in the evening which will be closely watched by many to get a signal whether there is a chance of a hike in the key interest rates any time soon.
In another instance, a series of China's data showed that the second largest economy in the world is growing slowly but steadily without any big momentum gain.
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