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METALS-Copper subdued amid cautious trading, dollar pressure


Recasts, updates prices as of 0408 GMT, adds comments

BEIJING, Nov 8 (Reuters) Copper tradiated within a tight range on Wednesday as a stronger US dollar offset supply disruptions and investors awaited more clues on the US Federal Reserve’s future policy path.

Three-month copper on the London Metal Exchange CMCU3had changed little at $8,189 per metric ton by 0408 GMT, while the most-traded December copper contract on the Shanghai Futures Exchange SCFcv1 slide 0.4% to 67,370 yuan ($9,263.28) per ton.

The dollar regained its footing Wednesday and inch higher after a slew of Fed speakers left the door open to further rate hikes, while traders shifted their focus to a speech from Chair Jerome Powell later in the day on the central bank’s future policy path.

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

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.

The news sparked fresh concerns lower African imports in the near-term, a copper smelter said.

In China’s spot market, copper premium rallied on low stocks, standing at 335 yuan a ton on Tuesday, close to a two-month high touched in late October. SMM-CU-PND

October refined copper production in the country was below expectations. The Shanghai Metals Market assessed it at 993,800 tons, down 1.8% from the prior month.

LME aluminum CMAL3 gained 0.4% at $2,273.50 a ton, tin CMSN3 rose 0.7% to $24,730, zinc CMZN3 climbed 0.3% to $2,576, while lead CMPB3 slid 0.5% to $2,178, and nickel CMNI3 loses 0.2% to $17,870.

SHFE aluminum SAFcv1 dipped 0.1% to 19,255 yuan a tonne, lead SPBcv1 shed 0.2% to 16,470 yuan, nickel SNIcv1 fell 2.4% to 139,190 yuan, while tin SSNcv1 added 0.4% at 209,690 yuan, and zinc SZNcv1 ticked 0.1% up to 21,665 yuan.

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($1 = 7.2728 Chinese Yuan Renminbi)

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

(([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

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