Pullback by US dollar keep prices steady
Copper prices ended flat at Comex on Friday, 13 February 2015 at Comex. It was aided by a pullback for the U.S. dollar after a disappointing U.S. retail sales report and a jump in weekly jobless claims. Dollar weakness tends to make dollar-denominated commodity prices less expensive for holders of other currencies.
High-grade copper for March delivery ended little changed at $2.605 a pound.
At Wall Street, economic data was limited to Import/Export Prices and the advance reading of the Michigan Sentiment Index. Export prices, excluding agriculture, decreased 2.1% in January after decreasing 1.2% in the prior reading. Excluding oil, import prices fell 0.7%, which followed last month's 0.1% decline.
Separately, the University of Michigan Consumer Sentiment Index declined to 93.6 in the preliminary February reading from 98.1 in January while the consensus expected an increase to 98.3. Despite the large and unexpected decline, the sentiment level is the same as it was in December. The Current Conditions Index declined to 103.1 in February from 109.3 in January while the Expectations Index dropped to 87.5 from 91.0.
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