Comex copper hovers near 2-month low

Comex copper remains on the back foot near two-month lows in Asia on fears of rising supply and strong US dollar.

At the time of writing, the metal was trading 0.48% lower on the day around $2.079/pound. On a larger scheme of things, this is the fourth week when prices are trading flat around two-month low.

US dollar spiked across the board on Friday after comments from Fed’s Rosengren forced markets to consider the possibility of a rate hike this year.

Meanwhile, Chile's state-owned copper miner Codelco said late on Friday that unionized workers at its small Salvador copper mine have ended a strike, which had been ongoing since Monday. This adds further to the bearish pressure around the metal.