METALS-Copper eases on firm dollar in subdued trade on China holiday

  • 10/5/2021
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Oct 5 (Reuters) - Copper prices fell on Tuesday in London on a firmer dollar, but trade was tepid as markets in top consumer China were closed for a public holiday and ahead of key U.S. jobs data this weekend. Three-month copper on the London Metal Exchange edged down 0.2% to $9,235 a tonne by 0325 GMT, while aluminium was almost unchanged at $2,915 a tonne, nickel rose 0.4% to $18,000 a tonne, zinc advanced 0.6% to $3,034 a tonne. The dollar index rose, making greenback-priced metals more expensive to holders of other currencies. Financial markets are also awaiting U.S. payrolls data at the end of the week for cues on the timing of a tapering of Federal Reserve stimulus and the start of interest rate hikes. China is on holiday from Oct. 1-7. FUNDAMENTALS * Chile’s top miners saw their production of copper fall in August, Chilean state copper commission Cochilco said on Monday, impacted in part by a strike at a mine owned by state miner Codelco. * Global copper smelting activity rebounded in September as higher treatment charges spurred many smelters to increase output, data from satellite surveillance showed on Monday. * For the top stories in metals and other news, click or MARKETS NEWS * Asian shares suffered heavy losses early following a broad sell-off on Wall Street, as markets fretted about the impact of multi-year high oil prices at a time when supply chain disruptions are already putting pressure on economic activity. DATA/EVENTS (GMT) 0750 France Markit Serv, Comp PMIs Sept 0755 Germany Markit Services PMI Sept 0755 Germany Markit Comp Final PMI Sept 0800 EU Markit Serv, Comp Final PMIs Sept 0830 UK Reserve Assets Total Sept 1230 US International Trade Aug 1345 US Markit Serv, Comp Final PMIs Sept 1400 US ISM N-Mfg PMI Sept (Reporting by Mai Nguyen in Hanoi; Editing by Rashmi Aich) Our Standards: The Thomson Reuters Trust Principles.

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