Copper prices fell on Monday, weighed down by a stronger dollar on expectation that the U.S. Federal Reserve will start trimming its stimulus from next month.
Three-month copper on the London Metal Exchange CMCU3 fell 0.3% to $9,329 a tonne by 0121 GMT, while the most-traded November copper contract on the Shanghai Futures Exchange SCFcv1 eased 0.1% to 69,180 yuan ($10,736.40) a tonne.
The dollar ticked up, making greenback-priced metals more expensive to holders of other currencies, after a soft U.S. payrolls figure did little to alter market expectations that the Fed will start tapering its massive bond-buying in November.
FUNDAMENTALS
An Andean community in Peru suspended a protest and a blockade against Glencore’s GLEN.L Antapaccay mine on Friday, after reaching an agreement to begin talks in search of a new deal between the mine and residents, a community leader said.
Aldel is halting production of primary aluminium due to the current high electricity prices, the Dutch firm’s chief executive said on Friday.
Kosovo’s sole ferro-nickel producer Newco Ferronikeli said on Friday it was shutting down production because of the increase in energy prices.
LME aluminium CMAL3 rose 0.4% to $2,978.50 a tonne, nickel CMNI3 advanced 0.8% to $19,380 a tonne, and tin CMSN3 increased 0.8% to $36,450 a tonne.
ShFE aluminium SAFcv1 was up 1.3% at 23,220 yuan a tonne, nickel SNIcv1 climbed 2.6% to 145,930 yuan a tonne, zinc SZNcv1 increased 1.8% to 23,275 yuan a tonne and tin SSNcv1 jumped 2.6% to 285,420 yuan a tonne.
TOP/MTL or MET/L MARKETS NEWS
Asian shares slipped as global inflation angst favoured commodities as a hedge over U.S. equities, while rising U.S. bond yields lifted the dollar to two-and-a-half year peaks against the Japanese yen MKTS/GLOB DATA/EVENTS (GMT)
Source: Reuters (Reporting by Mai Nguyen in Hanoi; Editing by Subhranshu Sahu)