Copper eases

Reuters

Singapore

LME copper slid for a second session on Tuesday as a firmer U.S. dollar pressured the market, but expectations of strong demand in top consumer China put a floor under prices.  Asian stocks and the pound sagged ahead of a speech by British Prime Minister Theresa May that could have implications for broader risk sentiment.

"The main issue in the market is Theresa May´s speech on hard Brexit and as a result the dollar has strengthened, so we have some pressure on metals," Argonaut Securities analyst Helen Lau said.

"Fundamentals are fine, China´s property market is on track to improve.  It may scale back automobile purchase incentives but not significantly, so automobile production may continue to grow which is positive for copper.  "Three-month copper on the London Metal Exchange had fallen 0.8 percent to $5,817.50 a tonne by 0235 GMT, extending losses from the previous session´s 0.7-percent decline.