METALS-London copper eases on stronger dollar as Fed tapering looms

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October 1 (Businesshala) – Copper prices fell on Friday in London as a strengthening dollar made the greenback-priced metals more expensive for holders of other currencies.

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The dollar began the final quarter of 2021 near its highest level of the year and headed for its best week since June, as currency markets braced for US interest rates to rise ahead of key peers.

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Three-month copper fell 0.4% to $8,903 a tonne by 0305 GMT on the London Metal Exchange, having touched near April lows of $8,695 a tonne.

LME aluminum fell 0.1% to $2,855 a tonne, nickel fell 0.3% to $17,890 a tonne, zinc rose 0.4% to $3,000.50 a tonne and tin fell 2.1% to $33,210 a tonne.

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LME lead rose 0.4% to $2,101 a tonne, the lowest level since April 26 at $2,060 a tonne.

Sugar markets remained closed on Friday for a week-long public holiday.


* Copper production in Chile, the world’s top producer of the metal, fell 4.6% year-on-year in August, government statistics agency INE said on Thursday.

* SHFE Copper Inventory CU-STX-SGH On Thursday, it fell to 43,525 tonnes, the lowest since June 2009, bringing down copper prices.

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* Asian stocks fell sharply after Wall Street and bonds rose as risk sentiment soured amid rising concerns that inflation could persist even after global growth peaks.

Data/Events (GMT)


0755 Germany Market/BME MFG PMI Sept

0800 EU Market MFG Final PMI Sept

0830 UK Market/CIPS MFG PMI Final Sept

0900 EU HICP Flash YY Sep

0900 EU HICP-X F&E Flash YY Sep

1230 US Consumption, Adjusted MM Aug.

1345 US Market MFG PMI Final Sept

1400 US ISM Manufacturing PMI Sept

1400 US You Mitch Sentiment Final Sept (Reporting by Mai Nguyen in Hanoi; Editing by Ramakrishnan M)


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