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According to news, New York copper futures closed lower on Thursday, weighed down by lower crude oil prices and a stronger dollar
.
The most actively traded May copper contract closed down 0.
3 percent at $
2.
229 a pound.
U.
S.
crude futures closed down $0.
33 at $39.
46 a barrel, down a daily low of $38.
33
, dragged down by lower oil prices.
Copper prices have also been weighed down by a stronger dollar as speeches by several Fed officials this week have rekindled expectations that the central bank may soon raise interest rates
.
Copper futures are denominated in US dollars, and when the dollar strengthens, copper prices become more expensive relative to investors who hold non-dollar currencies, weighing on such investors
.
Late in New York trading, the Wall Street Journal dollar index rose 0.
1% to 87.
87, moving higher
for the fifth straight session.
Analysts said traders are locking in profits as they are somewhat nervous
about the Fed's rate hikes.
Here's what closed: The March copper contract closed at $2.
2245 a pound, down 0.
6 cents from the previous session, trading in a range of $2.
2100-$2.
2325
.
The May copper contract closed at $2.
2290 a pound, down 0.
65 cents from the previous session, trading in a range of $
2.
2055-2.
2435.
