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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
Sahu)

8780, Outside U.S. +91 80 6749 6131; Reuters Messaging:
eileen.soreng.thomsonreuters.com@reuters.net))

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

2022-01-04 22:03:00

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