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Feb 23 (Reuters) – Copper prices fell on Thursday on prospects of prolonged interest rates hikes in the United States stalling economic growth and crimping demand for the metal.
The most-traded March copper contract on the Shanghai Futures Exchange SCFcv1 edged down 0.4% at 70,070 yuan ($10,166.27) a tonne by 0244 GMT, while three-month copper on the London Metal Exchange CMCU3 was flat at $9,112 a tonne.
Minutes from the U.S. Federal Reserve’s latest meeting showed policymakers will likely stick with interest rate increases to tame inflation, but favoured slowing the pace of the hikes.
The U.S. dollar stood near a seven-week high against the euro and the Australian dollar on prospects of higher-for-longer rates, making greenback-priced metals more expensive for holders of other currencies.
Cushioning further decline in prices of metal are expectations for a demand recovery in top consumer China, after it reopened its economy, but real consumption is not expected to pick up until next month or in the second quarter.
LME aluminium CMAL3 dipped 0.1% to $2,415 a tonne, lead CMPB3 declined 0.4% to $2,096 a tonne, tin CMSN3 shed 0.4% to $26,730 a tonne while zinc CMZN3 rose 0.5% to $3,073 a tonne.
SHFE aluminium SAFcv1 fell 0.3% to 18,730 yuan a tonne, nickel SNICv1 dropped 2.9% to 204,880 yuan a tonne, tin SSNcv1 declined 2.1% to 215,770 yuan a tonne, zinc SZNcv1 decreased 0.5% to 23,460 yuan a tonne and lead SPBcv1 was down 0.6% to 15,330 yuan a tonne.
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TOP/MTL or MET/L DATA/EVENTS (GMT)
1000 EU HICP Final MM, YY Jan
1330 US GDP 2nd Estimate Q4
1330 US Initial Jobless Clm Weekly
($1 = 6.8924 yuan)
(Reporting by Mai Nguyen in Hanoi Editing by Vinay Dwivedi)
((mai.nguyen@thomsonreuters.com; Reuters Messaging: mai.nguyen.thomsonreuters.com@reuters.net))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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