Commodities: Copper futures edge lower on stronger US dollar and China worries

A strengthening US dollar knocked the wind out of most commodities on Wednesday, amid better than expected data on US housing.

Nevertheless, recent worries over the strength of the Chinese economy and cautious words on the outlook for US monetary policy from the president of the Federal Reserve bank of Boston.

Three-month copper futures slipped 0.2% to reach $5,940 per metric tonne on the LME.

The prices of other industrial metals such as lead and zinc advanced, with gains of 1.2% and 1.3% in their respective three-month futures.

Front month futures in the agriultural space were almost uniformly lower on the Chicago Board of trade, with soybean down by 0.8% to $0.3156 per pound. Corn futures on LIFFE retreated 0.2% to hit €161.25 per metric tonne.

Front month West Texas crude futures edged lower by 18 cents to end the day at $56.16 per barrel on the NYMEX.

Gold futures lost $15.30 to end at $1,186.9 per ounce on COMEX.