METALS-Copper under pressure on dollar strength, hazy demand outlook


BEIJING, Nov 8 (Reuters) Copper prices were subdued on Wednesday amid a stronger US dollar and hazy demand outlook for the metal, despite some supply disruptions in the market.

Three-month copper on the London Metal Exchange CMCU3 little moved at $8.186 per metric ton by 0143 GMT, while the most-traded December copper contract on the Shanghai Futures Exchange SCFcv1 slid 0.3% to 67,390 yuan ($9,260.43) per tonne.

The dollar index =USD gained after appetite for riskier currencies diminishes, gaining on the euro after a larger-than-expected fall in German industrial production in September.

A stronger dollar typically weighs down metal prices, as it makes it more expensive to buy the greenback-priced commodity.

Also weighing on the market was a gloomy demand outlook of the metal used in power, construction and transportation sectors.

Some analysts expected a slower growth of China’s copper demand in 2024 amid an uneven economic recovery in the world’s top metal consumer.

Codelco, the world’s largest copper producer, has offered to sell copper at a premium of $89 a metric ton to major Chinese clients for its 2024 contracts, down from this year’s $140 a ton.

Copper and cobalt produced by companies, including Glencore and CMOC, are stranded in Kolwezi, Democratic Republic of Congo (DRC), due to a truckers strike that started in late October, Reuters reported on Tuesday.

LME aluminum CMAL3 gained 0.1% at $2,267 a ton, tin CMSN3 rose 0.8% to $25,760, zinc CMZN3 shed 0.1% to $2,566, lead CMPB3 slid 0.6% to $2,175.50, and nickel CMNI3 loses 0.6% to $17,800.

SHFE aluminum SAFcv1 dipped 0.2% to 19,245 yuan a tonne, zinc SZNcv1 slipped 0.1% to 21,635 yuan, lead SPBcv1 shed 0.2% to 16,485 yuan, nickel SNIcv1 fell 2.9% to 138,510 yuan, while tin SSNcv1 added 0.8% at 210,520 yuan.

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($1 = 7.2772 Chinese Yuan Renminbi)

(Reporting by Siyi Liu and Dominique Patton; Editing by Rashmi Aich)

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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: METALSCopper pressure dollar strength hazy demand outlook


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