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Copper and Oil drop, is it end of risk-on?

FXStreet (Mumbai) - Comex Copper and Oil prices at both the sides of the Atlantic weakened in the European session on Tuesday, raising prospects of markets reverting to ‘bad news is a bad news’ trade later today.

Copper on Comex currently trades 0.80% lower, while WTI oil and Brent oil weakened 0.60% and 0.10% respectively. Base metals and energy segment participated in the risk-on rally on Monday as the markets cheered the weak NFP reports and the resulting drop in the Fed rate hike bets. (bad news is good news).

The European stocks also weakened in the early session, but have recovered to trade positive since then. However, the S&P 500 futures in the US indicate the index is likely to open 5 points or 0.27% lower.

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