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.
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.
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.
The most-traded December copper contract on the Shanghai Futures Exchange was unchanged at around 70,780 yuan ($11,090.57) per tonne.
* 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.
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* 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.
1100 EU Reserve Assets Total