METALS-Base metals fall on firm dollar ahead of Powell speech, China data in focus


Nov 7 (Reuters) Prices of most nonferrous metals declined on the London Metal Exchange (LME) on Tuesday, as a firm dollar made the greenback-priced metals more expensive to holders of other currencies.

Three-month copper on the LME CMCU3 fell 0.4% to $8,207.50 per metric ton by 0217 GMT, while the most-traded December copper contract on the Shanghai Futures Exchange SCFcv1 rose 0.1% to 67,540 yuan ($9,281.04) a ton.

The dollar was steady ahead of US Federal Reserve Chair Jerome Powell’s speech later this week, while China trade data due later in the day will provide a picture of the economic growth recovery in the world’s biggest consumer of metals.

LME aluminum CMAL3 declined 0.7% to $2,272.50 a ton, nickel CMNI3 shed 0.8% to $18,300, zinc CMZN3 decreased 0.9% to $2,550, lead CMPB3 fell 0.6% to $2,168.50, while tin CMSN3 was flat at $24,665.

SHFE nickel SNIcv1 loses 0.2% to 142,700 yuan a ton, lead SPBcv1 fell 0.7% to 16,505 yuan, while tin SSNcv1 advanced 0.7% to 209,000 yuan.

SHFE aluminum SAFcv1 rose as much as 1.1% to 19,370 yuan a ton, its highest since Sept. 28, on supply worries in China’s Yunnan province where smelters are cutting back production on lower hydropower resources in the dry season.

The power rationing in Yunnan is also impacting zinc output, Huatai Futures said in a report.

SHFE zinc SZNcv1 hit its highest since Oct. 9 at 21,780 yuan a ton.

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0300 China Exports, Imports YY Oct

0300 China Trade Balance Oct

0330 Australia RBA Cash Rate Nov

0700 Germany Industrial Output MM Sept

0700 Germany Industrial Production YY SA Sept

0700 UK Halifax House Prices MM, YY Oct

1330 US International Trade Sept

($1 = 7.2772 yuan)

(Reporting by Mai Nguyen in Hanoi; Editing by Subhranshu Sahu)

(([email protected]; Reuters Messaging: [email protected]))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The article is in Dutch

Tags: METALSBase metals fall firm dollar ahead Powell speech China data focus


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