METALS-Copper eases on firm dollar, weak Chinese property data

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Nov 15 (Businesshala) – Copper prices in London fell on Monday on hopes of a US rate hike as the dollar strengthened and signs of weakness in the Chinese property market.

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The dollar held near a 16-month high, making the greenback-priced metal more expensive for holders of other currencies, as traders await fresh signals on a US Federal Reserve interest rate hike on the back of red-hot inflation .

Three-month copper fell 0.3% to $9,684 a tonne by 0652 GMT on the London Metal Exchange, but losses were limited by lower inventory at SHFE and LME warehouses. cu-stx-sghMCUSTX-TOTAL,

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The most-traded December copper contract on the Shanghai Futures Exchange rose 0.2% to 70,860 yuan ($11,105.19) per tonne.

“The strength of the US dollar is actually reaching the base metal,” said a Singapore-based trader.

The Chinese property industry, which consumes large amounts of base metals, performed poorly last month amid a deep contraction in construction resumes and investment by developers.

However, pressure from the property sector is likely to ease on hopes that China’s central bank will lend money to banks to clear the debt of developers, the trader said.

fundamentals

* Japan and the United States agreed to initiate discussions to resolve the issue of additional US tariffs on steel and aluminum imports from Japan, the Japanese Ministry of Industry said.

* China’s average daily aluminum production for October fell to its lowest level in a year as smelters faced continued restrictions due to power outages, but monthly output rose month-on-month, leading to five consecutive gains. Monthly decline.

* LME aluminum fell 1.8% to $2,651.50 a tonne, nickel fell 1.3% to $19,720 a tonne, ShFE aluminum fell 1.1% to 19,270 yuan a tonne, ShFE lead declined 1.7% to 15,290 yuan a tonne, and ShFE tin declined 2.3% to 281,500 . One ton yuan.

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

$1 = 6.3808 Yuan Reporting by Mai Nguyen in Hanoi; Editing by Rashmi Aichi

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