Base metals fall as dollar strengthens after Fed signals no interest rate cuts in March -February 1, 2024 at 4:25 AM

Base metals fall as dollar strengthens after Fed signals no interest rate cuts in March -February 1, 2024 at 4:25 AM
Base metals fall as dollar strengthens after Fed signals no interest rate cuts in March -February 1, 2024 at 4:25 AM
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Base metal prices fell on Thursday, pressured by a stronger US dollar, after the Federal Reserve backtracked on market expectations for a March interest rate cut.

Three-month copper on the London Metal Exchange fell 0.3% to $8,587 per metric tonne by 0248 GMT, while the most traded March copper contract on the Shanghai Futures Exchange was almost flat at 69,230 yuan ($9,646.49) per tonne.

The dollar rose after Fed Chairman Jerome Powell returned to the idea of ​​a first US interest rate cut as early as March.

Powell said rate cuts would come once the Fed is more confident that inflation will continue to fall from levels it still labels “high.”

LME aluminum fell 0.6% to $2,267 per tonne, nickel fell 0.1% to $16,260, zinc fell 0.6% to $2,511.50, lead lost 0.3% to $2,151.50 and tin fell 1% to $25,980.

SHFE aluminum fell 0.4% to 18,930 yuan per ton, nickel lost 0.4% to 126,690 yuan, zinc fell 1.8% to 20,935 yuan, lead fell 0.6% to 16,165 yuan and tin fell 0 .3% to 217,450 yuan.

Providing some support for the market, a private sector survey showed factory activity in China’s biggest metals consumer increased in January on stable output growth, faster logistics and the first increase in new export orders since June.

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DATA/EVENTS (GMT)

0700 UK Nationwide house prices MM, YY Jan

0745 France CPI (EU standard) Prelim YY Jan

0745 France producer prices YY Dec

0855 Germany unemployment growth, SA Jan

1300 Germany CPI, HICP Prelim YY Jan

1900 US Federal Open Market Committee

announces its decision on

interest rates, followed by explanation

($1 = 7.1767 yuan) (Reporting by Mai Nguyen in Hanoi; Editing by Subhranshu Sahu)

The article is in Dutch

Tags: Base metals fall dollar strengthens Fed signals interest rate cuts March February

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