UNITED STATES September 12 2014 2:05 PM

 

NEW YORK (Scrap Register): Comex copper futures have fallen to their lowest level since mid-June amid a flurry of negative forces, said optionsXpress. 

 

“Uncertainties over the state of the Chinese economy and the strength of the US dollar have been especially negative for the copper market,” said Rob Kurzatkowski, senior commodity analyst with optionsXpress. 

 

China has been pushing out a series of reforms to ease the downward pressure on the economy, but at the same time, the government has been battling corruption and attempting to prevent bubble conditions.

 

As a result, July industrial output, investment and retail sales have regressed. The US dollar has strengthened by almost 4.5% over the quarter, which has put downward pressure on commodity prices across the board. Dollar-priced raw materials are more expensive, making them less attractive to investors, Kurzatkowski added.

 

As of 11:29 a.m. EDT, Comex December copper was down 1.55 cents to $3.0950 a pound and has been as weak as $3.0625.