Base Metals Preview: Copper futures slide to over one-week low

COMEX copper is down 1.5%, around a one-week low at $6.66 per pound on Monday morning in Asia tracking dollar strength amid re-surging oil prices. The dollar index climbed to around two-month highs as rising oil prices strengthened expectations for further Federal Reserve tightening to contain inflation and increased safe-haven demand for the greenback. Oil prices advanced after President Donald Trump rejected Iran?s latest proposal to reopen the Strait of Hormuz, while Tehran said it would not ease its conditions for reopening the vital waterway. Investors now await the Fed?s preferred inflation gauge and key US employment data this week for additional clues on the outlook for monetary policy.

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