Breaking News
Ad-Free Version. Upgrade your experience. Save up to 40% More details

Copper moves higher as global tensions fade away

CommoditiesJul 22, 2014 04:26AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
Copper edges higher as global tensions ebb - Copper futures moved higher on Tuesday, as geopolitical concerns in eastern Ukraine and the Gaza strip eased.

On the Comex division of the New York Mercantile Exchange, copper for September delivery rose to a session high of $3.221 a pound, the most since July 17, before trimming gains to last trade at $3.214 during European morning hours, up 0.45%, or 1.4 cents.

Copper ended Monday’s session up 0.46%, or 1.4 cents, to settle at $3.199. Futures were likely to find support at $3.173, the low from July 21 and resistance at $3.226 a pound, the high from July 17.

Sentiment recovered after pro-Russian rebel leader Aleksander Borodai handed over the black boxes of the downed Malaysian passenger plane to Malaysian experts earlier Tuesday.

The United Nations Security Council voted unanimously on Monday to approve a resolution calling for an international probe into the incident and unimpeded access to the crash site.

The U.S. initially blamed pro-Russian separatists for the act, while Russia and Ukraine accuse each other of being behind the downed passenger plane.

European Union foreign ministers are to meet later Tuesday to discuss another round of sanctions against Russia, as the country continues to violate Ukraine's sovereignty and back separatists.

Meanwhile, the United States stepped up efforts to secure a ceasefire in the Gaza strip, as fighting between Israeli security forces and Hamas militants continued. U.S. Secretary of State John Kerry and United Nations chief Ban Ki Moon arrived in Cairo for talks aimed at stopping the bloodshed.

Elsewhere on the Comex, gold for August delivery shed 0.44%, or $5.80, to trade at $1,308.10 a troy ounce, while silver for September delivery dipped 0.35%, or 7.4 cents, to trade at $20.93 an ounce.

Later in the day, the U.S. was to release reports on consumer price inflation and existing home sales, amid speculation over when the Federal Reserve may start to raise interest rates.

Copper moves higher as global tensions fade away

Related Articles

Not gone yet: Merkel to hang on as active caretaker
Not gone yet: Merkel to hang on as active caretaker By Reuters - Sep 17, 2021

By Andreas Rinke BERLIN (Reuters) - After 16 years in power, Chancellor Angela Merkel is not seeking re-election in Germany's Sept. 26 election but she is anything but a lame...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email