Copper snaps 3-day losing streak, gains 2.7%

Despite the upmove in the dollar on Monday, commodities were still able to book strong gains. Crude rebounded from a seven-week low as the US mid-Atlantic region braced for a new winter storm in coming days and dug out from a weekend blizzard. It is currently trading at USD 71.5 a barrel.

Base metals too recovered ground. Copper futures are trading higher for the first time in four sessions. LME Copper was up 2.7% at USD 6450/tonne. Other base metals also saw sizeable gains.

The dollar's move off its session lows also weighed on Wall Street. The dollar index had been down 0.4% at its session low, but cut that to a 0.1% loss.

By Manisha Gupta, Commodities Editor at CNBC-TV18

Base metals

Metal prices rebounded on Monday. Copper halted 3-day slump, as copper inventories declined for 12th straight day.

Copper prices declined 16% in last 4 weeks. LME Copper was up 2.7% at USD 6450/tonne.

Currency watch

The US Dollar Index declined 0.4%.

Crude

The crude futures gained 1% on the New York Mercantile Exchange on Monday, as US mid-Atlantic region braced for new storm. There are expectations of higher demand for heating fuel and attack at Nigerian oil hub also supported the prices.