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London Metal Exchange (LME) copper futures held steady
on Tuesday after hitting a two-week low.
Three-month copper fell 0.
3 percent to close at $5,765 a tonne, an intraday low of $5,710 a tonne since late March
.
Copper prices are sluggish
.
On the macro front, U.
S.
Treasury prices rebounded on Tuesday, with 30-year yields hitting near three-month lows as renewed fears of the French presidential election and possible U.
S.
military action against Syria and North Korea spurred safe-haven demand
for Treasuries.
The dollar fell across the board on Tuesday, approaching a five-month low against the yen, as geopolitical risks drove traders out of the dollar
as U.
S.
Treasury yields fell.
Concerns about geopolitical risks drove investors to safe-haven assets such as gold, pushing the volatility index above 15 for the first time
since the US election.
On the industry front, BHP's Chilean copper mine resumed production last week, while Freeport said it was awaiting final details
of Indonesia's provisional export permit.
Copper prices rose to a one-and-a-half-year high of $
6,204 a tonne in mid-February on concerns about supply disruptions.
Julius Baer analysts believe that the copper market has overreacted to the supply disruption and is currently pulling back towards more reasonable levels, but given the current supply-demand balance, copper prices may fall below $
5,500.
He also said that from the perspective of China's copper imports, there is no real increase
in demand.
LME spot copper was discounted to $32 a tonne from a three-month copper, close to its four-year maximum, indicating ample supply in the refined copper market
.
On the supply side, Chile's Southern Copper executives and union representatives failed to reach an agreement to end the strike
.
LME three-month copper closed down 0.
3 percent at $
5,765 a tonne.
Shanghai spot copper quotation at 46500-46650 yuan / ton, down 110 yuan / ton, flat water - premium 60 yuan / ton
.
Near the recent market copper supply is diverse, the pressure is greater, inhibiting the space for the rise of copper premium, the holder is unable to hold the price, the middleman is not enthusiastic to receive the goods, the downstream on-demand procurement, the market transaction is relatively flat
.
