Copper easing on prolonged concerns over US policy tightening

Nov 3 (Reuters) – Copper prices fell on Thursday as risk sentiment deteriorated and the outlook for demand for the metals dimmed on the prospect of prolonged Reserve policy tightening US Federal.

Three-month copper on the London Metal Exchange fell 0.1% to $7,621.50 a tonne at 0242 GMT, while December’s most-traded copper contract on the Shanghai Futures Exchange slid 0, 1% to 63,500 yuan ($8,695.06) per ton.

The Fed raised interest rates by three-quarters of a percentage point on Wednesday, and Chairman Jerome Powell said the central bank was still undecided about how high rates should rise to curb inflation.

The dollar was firmer after Powell’s remarks, making greenback-priced metals more expensive for holders of other currencies.

LME tin fell 2.1% to $17,625 a tonne, lead 0.3% to $1,983 a tonne, while aluminum rose 0.7% to $2,267.50 the ton.

Tin SHFE fell 2.4% to 156,270 yuan per ton, lead fell 0.5% to 15,105 yuan per ton, while nickel rose 0.6% to 192,710 yuan per ton. and aluminum rose 1.6% to 18,150 yuan per ton.

The drop in metal prices was cushioned by hopes of an easing of COVID-19 restrictions in China, the largest consumer, which could boost economic growth and demand for metals.

Meanwhile, the global refined copper market posted a deficit of 16,000 tonnes in August, down from 80,000 tonnes in July, the International Copper Study Group said.

For top metals stories and other news, click or


0930 UK Composite PMI Final October

0930 Total UK Reserve Assets Oct.

1000 EU Unemployment Rate Seven

1200 UK Bank of England will publish

Monetary Policy Report

12:30 p.m. United States International Trade Sept.

1230 US Initial Clm unemployed weekly

1345 US S&P Global Comp PMI final October

1345 United States S&P Global Svcs PMI Final October

1400 US Factory Orders MM Seven

1400 US ISM N-Mfg PMI Oct ($1 = 7.3030 yuan) (Report by Mai Nguyen in Hanoi; edited by Uttaresh.V)

Comments are closed.