Energy News Today

London copper eases off 6-week high on dollar strength

Jan 5 (Reuters) – London copper prices fell on Wednesday,
retreating from a six-week high hit in the previous session, as
the U.S. dollar held firm on expectations for early interest
rate hikes from the Federal Reserve.
Three-month copper on the London Metal Exchange was
down 0.4% to $9,725 a tonne by 0330 GMT. On Tuesday, prices hit
their highest since Nov. 25 at $9,812.

The most-traded February copper contract on the Shanghai
Futures Exchange rose 0.6% to 70,210 yuan ($11,018.69)
a tonne.
The dollar hovered close to a two-week high hit in the
previous session against a basket of major currencies while
scaling a five-year peak against the Japanese yen. While a firmer dollar makes greenback-priced metals more
expensive to holders of other currencies, an interest rate hike
could trim liquidity in financial markets and slow recovery in
the world’s biggest economy.
Among other industrial metals, LME aluminium was
down 0.1% at $2,837.5 a tonne, nickel slipped 0.7% to
$20,980 a tonne, lead was down 0.2% at $2,293 a tonne,
tin was flat at $39,195 a tonne and zinc fell
0.8% to $3,575 a tonne.

ShFE aluminium rose 0.4% to 20,330 yuan a tonne,
while nickel gained 1.6% to 154,130 yuan, zinc was up 1.4% at 24,430 yuan and lead fell 1.1% to 15,260
yuan. Tin climbed 2.2% to 296,780 yuan a tonne, having
earlier scaled a record high of 297,900 yuan.

Chile’s total copper production in November fell by 0.6%
year-on-year to 481,800 tonnes, due to drops from state-owned
Codelco and the giant Escondida mine, the Chilean Copper
Commission reported on Tuesday.
Indonesian coal miners are due to hold talks with
government officials on Wednesday on a ban on the country’s coal
exports that has unnerved global markets for the fuel and
triggered energy security concerns in some major economies.

(Reporting by Eileen Soreng in Bengaluru; Editing by Subhranshu

8780, Outside U.S. +91 80 6749 6131; Reuters Messaging:

LME price overview COMEX copper futures All metals news All commodities news Foreign exchange rates SPEED GUIDES ))

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Read More: London copper eases off 6-week high on dollar strength

2022-01-04 22:03:00

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy
%d bloggers like this: