Copper prices rise as US dollar loses strength
Updates prices
NEW DELHI, Nov 17 (Reuters) – Copper prices inched up on Friday tracking a weaker U.S. dollar, although demand concerns in top metals consumer China kept gains in check.
Three-month copper on the London Metal Exchange (LME) CMCU3 was up 0.3% at $8,242.50 a metric ton by 0343 GMT.
Meanwhile, the most-traded December copper contract on the Shanghai Futures Exchange (SHFE) SCFcv1 edged down 0.1% to 67,860 yuan ($9,367.36) a ton.
The dollar was on track for weekly losses as a slew of weaker-than-expected U.S. economic data released this week, led by a slowdown in inflation, has reinforced market expectations that the Fed has reached the end of its aggressive monetary tightening cycle. USD/
A weaker greenback makes dollar-priced commodities less expensive for holders of other currencies.
However, worries about demand in China, which accounts for nearly half of global copper consumption, were reinforced by new home prices falling for a fourth month in October.
“Increasing China’s refined copper domestic production is another drag for the market,” ANZ Research said in a note.
LME aluminium CMAL3 eased 0.1% to $2,213 a ton, nickel CMNI3 gained 0.5% to $17,110, zinc CMZN3 eased 0.1% to $2,573, lead CMPB3 decreased 0.9% to $2,264.50 and tin CMSN3 gained 0.2% to $25,235.
SHFE aluminium SAFcv1 eased 0.4% to 18,875 yuan a ton, nickel SNIcv1 was down 2.1% at 136,090 yuan, zinc SZNcv1 declined 1.6% to 21,430 yuan, while lead SPBcv1 gained 1.6% to 16,960 yuan and tin SSNcv1was up 0.01% to 213,770 yuan.
For the top stories in metals and other news, click TOP/MTL or MET/L
DATA/EVENTS (GMT)
0700 UK Retail Sales MM Oct
0700 UK Retail Sales Ex-Fuel MM Oct
0700 UK Retail Sales YY Oct
1000 EU HICP Final MM Oct
1000 EU HICP Final YY Oct
1330 US Housing Starts Number Oct 1315 Bank of England interest-rate setter Megan Greene speaks in a panel discussion about the outlook for monetary policy
0830 Keynote speech by ECB President Christine Lagarde at the 33rd Frankfurt European Banking Congress
($1 = 7.2443 Chinese yuan renminbi)
(Reporting by Neha Arora in New Delhi; Editing by Rashmi Aich and Nivedita Bhattacharjee)
((neha.dasgupta@thomsonreuters.com))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
(The following story may or may not have been edited by NEUSCORP.COM and was generated automatically from a Syndicated Feed. NEUSCORP.COM also bears no responsibility or liability for the content.)
