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

  • 10/1/2021
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Copper prices fell on Friday in London as a firmer dollar made greenback-priced metals more expensive to holders of other currencies. The dollar began the last quarter of 2021 near its highest levels of the year and headed for its best week since June, as currency markets braced for U.S. interest rates to rise before those of major peers. Three-month copper on the London Metal Exchange fell 0.4% to $8,903 a tonne by 0305 GMT, edging closer to its April low of $8,695 per tonne. LME aluminium eased 0.1% to $2,855 a tonne, nickel declined 0.3% to $17,890 a tonne, zinc rose 0.4% to $3,000.50 a tonne, and tin dropped 2.1% to $33,210 a tonne. LME lead rebounded 0.4% to $2,101 a tonne from its lowest since April 26 hit in the previous session of $2,060 a tonne. Chinese markets were closed on Friday for a week-long public holiday. FUNDAMENTALS * Copper production in Chile, the world’s top producer of the metal, dropped 4.6% year-on-year in August amid falling ore grades and labour strikes at key deposits, government statistics agency INE said on Thursday. ADVERTISEMENT * ShFE copper inventories CU-STX-SGH on Thursday fell to 43,525 tonnes, the lowest since June 2009, cushioning losses in copper prices. * For the top stories in metals and other news, click or MARKETS NEWS * Asian equities followed Wall Street sharply lower and bonds rallied as risk sentiment soured amid growing worries that inflation may persist even after global growth has peaked. DATA/EVENTS (GMT) 0750 France Markit Mfg PMI Sept 0755 Germany Markit/BME Mfg PMI Sept 0800 EU Markit Mfg Final PMI Sept 0830 UK Markit/CIPS Mfg PMI Final Sept 0900 EU HICP Flash YY Sept 0900 EU HICP-X F&E Flash YY Sept 1230 US Consumption, Adjusted MM Aug 1345 US Markit Mfg PMI Final Sept 1400 US ISM Manufacturing PMI Sept 1400 US U Mich Sentiment Final Sept (Reporting by Mai Nguyen in Hanoi; Editing by Ramakrishnan M.)

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