Investing.com - Copper futures swung between modest gains and losses in rangebound trade on Tuesday, as sentiment remained cautious amid fresh concerns over political instability in Spain and Italy.
On the Comex division of the New York Mercantile Exchange, copper futures for March delivery traded at USD3.772 a pound during European morning trade, up 0.1% on the day.
New York-traded copper prices traded in between a range of USD3.757 a pound, the daily low and a session high of USD3.778 a pound.
Sentiment remained cautious as fresh political uncertainty in Spain and Italy revived fears over the debt crisis in the region, pushing peripheral borrowing costs higher.
The yield on Spanish 10-year bonds rose to 5.5% early Tuesday, while similar-maturity Italian yields inched up to 4.54%.
Spanish Prime Minister Mariano Rajoy faced calls to resign from the country’s opposition leader, following allegations that he and senior officials in the ruling Popular Party received secret payments.
Meanwhile, in Italy, uncertainty over the outcome of upcoming general elections mounted as former Prime Minister Silvio Berlusconi gained ground in opinion polls. In addition, there were also concerns over the health of the Italian banking system.
The news prompted investors to shun riskier assets, such as industrial commodities and stocks, and flock to traditional safe haven assets like U.S. Treasuries and the dollar.
Elsewhere on the Comex, gold for April delivery was flat to trade at USD1,676.05 a troy ounce, while silver for March delivery added 0.35% to trade at USD31.82 a troy ounce.
On the Comex division of the New York Mercantile Exchange, copper futures for March delivery traded at USD3.772 a pound during European morning trade, up 0.1% on the day.
New York-traded copper prices traded in between a range of USD3.757 a pound, the daily low and a session high of USD3.778 a pound.
Sentiment remained cautious as fresh political uncertainty in Spain and Italy revived fears over the debt crisis in the region, pushing peripheral borrowing costs higher.
The yield on Spanish 10-year bonds rose to 5.5% early Tuesday, while similar-maturity Italian yields inched up to 4.54%.
Spanish Prime Minister Mariano Rajoy faced calls to resign from the country’s opposition leader, following allegations that he and senior officials in the ruling Popular Party received secret payments.
Meanwhile, in Italy, uncertainty over the outcome of upcoming general elections mounted as former Prime Minister Silvio Berlusconi gained ground in opinion polls. In addition, there were also concerns over the health of the Italian banking system.
The news prompted investors to shun riskier assets, such as industrial commodities and stocks, and flock to traditional safe haven assets like U.S. Treasuries and the dollar.
Elsewhere on the Comex, gold for April delivery was flat to trade at USD1,676.05 a troy ounce, while silver for March delivery added 0.35% to trade at USD31.82 a troy ounce.