Nov 15 (Businesshala) – London copper prices fell on Monday as the dollar strengthened on expectations of a hike in US rates and signs of weakness in the Chinese property market.
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 .
The most-traded December copper contract on the Shanghai Futures Exchange rose 0.1% to 70,830 yuan ($11,100.49) 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.
* 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 0.9% to $2,676 a tonne, nickel fell 1.2% to $19,745 a tonne, ShFE aluminum fell 1.3% to 19,240 yuan a tonne, ShFE lead declined 1.9% to 15,260 yuan a tonne and ShFE tin fell 2.1% to 281,940. One ton yuan.
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