METALS-London copper falls as dollar strengthens on rate-hike bets

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(Update adds price, description and quote)

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Nov 12 (Businesshala) – Copper prices, often used as a gauge of global economic growth, fell in London on Friday as the dollar hit its best week in nearly five months against major peers on earlier bets. was ready. Higher US interest rates than expected.

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A stronger dollar makes greenback-priced metals more expensive for holders of other currencies.

A surprisingly strong reading on US inflation boosted hopes of an soon-to-be rate hike by the Federal Reserve, which could dent liquidity in financial markets and a slow recovery in the world’s largest economy.

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Three-month copper was down 0.3% at $9,608 a tonne as of 0558 GMT on the London Metal Exchange, while the most-traded December copper contract on the Shanghai Futures Exchange rose 0.4% to 70,550 yuan ($11,030.85) a tonne.

But, the losses were compounded by tight inventory in exchange warehouses. MCUSTX-TOTALcu-stx-sgh, both the copper contracts are showing weekly gains.

GF Futures said in a note, “At the same time a trillion-dollar US infrastructure bill was passed with rate-hike expectations and copper scrap supplies remained tight, investors were forced to wait-and-forth for copper.” -Attitude approach should be used.”

fundamentals

* Codelco’s Chinese customers are reluctant to sign up for copper supplies in 2022 at the highest premium in seven years due to the strong backwardness in the copper market, said three sources with knowledge of the matter.

* On-Warrant LME Aluminum Stock mallstack-total fell to 595,825 tonnes, the lowest since December 2005, with most of the metal leaving Port Klang in Malaysia.

* LME cash aluminum discount on three month contract MAL0-3 It shrank to $2.80 a tonne, its lowest level since Sept 1, indicating a consolidation of supply near.

* LME aluminum fell 0.7% to $2,640.50 a tonne, nickel rose 0.1% to $19,780 a tonne and tin rose 0.4% to $37,850 a tonne.

* ShFE aluminum rose 1.3% to 19,350 yuan a tonne, nickel rose 1.2% to 146,400 yuan a tonne and tin jumped 2.6% to 287,960 yuan a tonne.

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

$1 = 6.3957 Yuan Reporting by Mai Nguyen in Hanoi; Editing by Ramakrishnan M. and Sherry Jacob-Phillips

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