Copper prices are plunging today as a fresh move higher in USD hits demand expectations in the red metal. HG futures are down almost 3% on the day as the reversal from all time highs continues. Hawkish Fed expectations and renewed uncertainty around US/Iran peace talks have combined to spark a fresh wave of demand for USD this week with DXY breaking out to new highs for the year. Last week’s hawkish FOMC meeting saw market pricing for a Fed rate hike by year end jump to above 80% from below 60% prior to the meeting. With risks of a continuation higher in USD near-term, copper prices look vulnerable to continued ... (full story)