Nonferrous metal prices started the week in negative territory in Shanghai early this morning but were faring somewhat better in London and New York. At the LME, 3-mo. copper traded as high as $5,837/mt in early trading before slipping to around $5,813/mt as 3-mo. aluminum eased to around $1,755/mt.
In New York, most-actively traded COMEX copper futures were little changed around $2.63 per pound early this morning while NYMEX crude oil futures dipped to around $52 per barrel. Reuters reports that “Iran's oil minister is scheduled to meet his Russian counterpart in Iran later on Monday, industry sources said, raising hopes of progress in resolving a month-long impasse over when OPEC and its allies will hold their next policy gathering.” In precious metal trading, COMEX gold futures fell below $1,340 per troy ounce after having traded as high as $1,362.20/to last week. In forex trading, the dollar was little changed this morning as the British pound approached $1.126 while the dollar was buying 108.66 Japanese yen ahead of key monetary policy statements from central bankers later this week.
