Copper Prices Plunge Towards $6.60 Amid Dollar Strength

Copper prices have been under pressure in recent days, dipping towards $6.60 on Monday due to a strong US dollar and weaker data from China. The drop in copper stocks has also put buyers on the defensive, leading to a decline in the metal's price. However, contract talks at the Escondida mine in Chile may limit the decline in copper prices.

The copper market has seen some volatility recently, with the metal gaining ground against gold and silver but struggling near its 50-day average. Analysts are watching for key technical levels to determine the next move in copper prices.

In order for a recovery towards $6.95 to be sustained, copper needs to hold above $6.60. This level is seen as a crucial support for the metal's price action in the short term.