[ad_1]
March 9 (Reuters) – London copper prices fell on Thursday, as the dollar hovered near a three-month high, making the greenback-priced metal more expensive to holders of other currencies.
Three-month copper on the London Metal Exchange CMCU3 fell 0.6% to $8,855 a tonne by 0233 GMT, while the most-traded April copper contract on the Shanghai Futures Exchange SCFcv1 rose 0.6% to 69,390 yuan ($9,956.67) a tonne, tracking overnight gains in London.
The dollar held near a three-month high on U.S. Federal Reserve Chair Jerome Powell’s message that interest rates would have to go higher and possibly faster to tame inflation.
Easing supply disruptions in major copper producing countries also pressured prices.
Panama’s government and Canada’s First Quantum Minerals FM.TOagreed on the final text for a contract to operate the Cobre Panama mine, and Panamanian authorities allowed the company to resume concentrate loading operations.
Disruptions in Peru and Indonesia have also eased.
LME aluminium CMAL3 rose 0.1% to $2,355 a tonne, zinc CMZN3 fell 0.3% to $2,965 a tonne, lead CMPB3 eased 0.1% to $2,090 a tonne and tin CMSN3 climbed 0.2% to $23,800 a tonne.
SHFE aluminium SAFcv1 increased 0.2% to 18,550 yuan a tonne, nickel SNIcv1 eased 0.2% to 187,410 yuan a tonne, zinc SZNcv1 dipped 0.2% to 23,225 yuan a tonne, lead SPBcv1 fell 0.1% to 15,170 yuan a tonne, and tin SSNcv1 shed 1.6% to 195,040 yuan a tonne.
For the top stories in metals and other news, click
TOP/MTL or MET/L DATA/EVENTS (GMT)
1330 US Initial Jobless Clm Weekly
($1 = 6.9692 yuan)
(Reporting by Mai Nguyen in Hanoi; Editing by Subhranshu Sahu)
((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.
[ad_2]
Source link
