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Sept 26 (Reuters) – London copper prices hit a more than two-month low on Monday, as a stronger dollar made greenback-priced metals more expensive to holders of other currencies.
Three-month copper on the London Metal Exchange CMCU3 fell as much as 1.1% to $7,352 a tonne, its lowest since July 22 and down 32% since it hit a record high in March of $10,845 a tonne.
The U.S. dollar hit a new two-decade peak, supported by a steep fall in the British pound and a hawkish outlook by the Federal Reserve.
With higher interest rates in sight, the global economic growth also looked shaky, threatening demand for industrial metals and pressuring prices.
LME aluminium CMAL3 hit an 18-month low of $2,151 a tonne, zinc CMZN3 eased 0.4% to $2,995.50 a tonne by 0326 GMT while tin CMSN3 rose 1.5% to $20,540 a tonne.
The most-traded October copper contract on the Shanghai Futures Exchange SCFcv1 declined 2.7% to 60,840 yuan ($8,500.17) a tonne.
ShFE nickel SNIcv1 dropped 3.1% to 188,620 yuan a tonne, tin SSNcv1 fell 3.1% to 178,510 yuan a tonne, aluminium SAFcv1 declined 1.9% to 18,380 yuan a tonne and zinc SZNcv1 was down 2.2% to 24,430 yuan a tonne.
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TOP/MTL or MET/L DATA/EVENTS (GMT)
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0800 Germany Ifo Expectations New Sep
0535 Bank of Japan Governor Haruhiko Kuroda to deliver
speech, meet business leaders in Osaka
1300 Introductory statement by ECB President Christine
Lagarde at the hearing before the Committee on
Economic and Monetary Affairs of the European
Parliament in Brussels
($1 = 7.1575 yuan)
(Reporting by Mai Nguyen in Hanoi; Editing by Rashmi Aich)
((mai.nguyen@thomsonreuters.com; +842438259623; 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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