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Friday, October 22, 2021

Copper falls on firmer dollar as Fed tapering looms

Copper prices fell on Monday, weighed down by a stronger dollar on expectation that the US Federal Reserve will start trimming its stimulus from next month.

Three-month copper on the London Metal Exchange fell 0.3% to $9,329 a tonne by 0121 GMT, while the most-traded November copper contract on the Shanghai Futures Exchange eased 0.1% to 69,180 yuan ($10,736.40) a tonne.

The dollar ticked up, making greenback-priced metals more expensive to holders of other currencies, after a soft US payrolls figure did little to alter market expectations that the Fed will start tapering its massive bond-buying in November.

Fundamentals

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Aldel is halting production of primary aluminium due to the current high electricity prices, the Dutch firm’s chief executive said on Friday.

Kosovo’s sole ferro-nickel producer Newco Ferronikeli said on Friday it was shutting down production because of the increase in energy prices.

LME aluminium rose 0.4% to $2,978.50 a tonne, nickel advanced 0.8% to $19,380 a tonne, and tin increased 0.8% to $36,450 a tonne.

ShFE aluminium was up 1.3% at 23,220 yuan a tonne, nickel climbed 2.6% to 145,930 yuan a tonne, zinc increased 1.8% to 23,275 yuan a tonne and tin jumped 2.6% to 285,420 yuan a tonne.

Copper falls on firmer dollar as Fed tapering looms

Source: Brecorder

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