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Thursday, October 21, 2021

Copper eases on firm dollar in subdued trade on China holiday

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 US 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 US 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.

Copper eases on firm dollar in subdued trade on China holiday

Source: Brecorder

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