METALS-Copper eases as dollar near 16-month high on rate hike expectations

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Nov 15 (Businesshala) – London copper prices eased on Monday as the dollar neared a 16-month high on hopes of a US rate hike, making the greenback-priced metal costlier for holders of other currencies.

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Forex traders waited for new cues on the US economy after betting ahead last week for the Federal Reserve’s interest rate hike on the back of red-hot inflation.

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Three-month copper was down 0.4% to $9,670 a tonne by 0233 GMT on the London Metal Exchange, but losses were offset by lower inventory at SHFE and LME warehouses. cu-stx-sghMCUSTX-TOTAL,

LME cash copper premium on three month contract MCU0-3 $130 a tonne, indicating that near-term supplies were still tight, although tightness has eased slightly in recent sessions.

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The most-traded December copper contract on the Shanghai Futures Exchange was unchanged at around 70,780 yuan ($11,090.57) per tonne.

fundamentals

* The United States said on Friday it would begin talks with Japan on easing tariffs on steel and aluminum imports that have long hit trade ties between the two allies.

* LME aluminum fell 1.9% to $2,650 a tonne, nickel fell 1.5% to $19,685 a tonne, zinc fell 0.8% to $3,240 a tonne and lead fell 0.9% to $2,339.50 a tonne.

* ShFE aluminum fell 1.1% to 19,280 yuan a tonne, zinc fell 1.2% to 23,055 yuan a tonne, lead declined 1.7% to 15,295 yuan a tonne and tin declined 1.8% to 282,980 yuan a tonne.

* For top news on metal and other news, or . click on

market news

* Asian shares rose as Chinese economic data surprised the higher side, challenging bets the economy was mired in recession, though falling mainland prices were a cause for concern.

Data/Events (GMT)

1100 EU Reserve Assets Total

$1 = 6.3820 Yuan Reporting by Mai Nguyen in Hanoi; Editing by Rashmi Aichi

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