JJUB - Copper sinks to seven-week low as buoyant market turns gloomy

SimoneN/iStock via Getty Images Copper miners slide into the red in pre-market trading after prices for the metal slip to a seven-week low, with a stronger dollar, increased supply and subdued global demand weighing on its outlook. London benchmark copper (HG1:COM) recently -3.9% at $9,580/ton and have tumbled more than 8% since touching a record high of $10,747.50 on May 10. Decliners among industrial metal mining stocks include [[FCX]] -2.8%, [[SCCO]] -1.8%, [[AA]] -1.5%, [[TECK]] -1.2%, [[HBM]] -1.2%. ETFs: [[CPER]], [[COPX]], [[JJCTF]], [[JJC]], [[JJU]], [[JJUB]] According to Reuters, the selloff started overnight as Chinese traders came back from a long weekend, accelerating after prices fell below the 50-day moving average $9,781/ton. Analysts believe China plans to release state reserves of nonferrous metals copper, aluminum and zinc in a program set to last until the end of 2021. In a bullish take on the copper market, Freeport McMoRan CEO Richard Adkerson

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Copper sinks to seven-week low as buoyant market turns gloomy