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Copper halts week-long rally as dollar steadies-18th China(Guangzhou)Int¡¯l Non-Ferrous Metal£¨Copper£©Exhibition
11/17/2016 Copper exhibition -non-ferrous metals expo |
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Reuters reported that copper prices fell on Tuesday, as the dollar steadied around 11-month highs and traders took profits made after a week-long rally fuelled by Donald Trump''s US election victory. Three-month LME copper fell 3.2 percent to a one-week low of $5,360 a tonne and closed 0.9 percent lower at $5,520. The decline is a reversal of the nearly 8 percent leap in intraday trading on Friday to its highest since June 2015.
Commerzbank analyst Daniel Briesemann said "A drop below $5,000 is likely because nothing has fundamentally changed the picture for copper had already improved before the U.S. election on positive U.S. and Chinese economic data. But the wave of speculative trade that took over the market last week on expectations for a US infrastructure push is now settling and copper will probably still be in a supply surplus next year."
Copper recorded its biggest weekly gains last week since 2011 with an 11.2 percent rise, a rally that was also buoyed by Trump''s promises of infrastructure spending, which potentially could lead to higher consumption of industrial raw materials.
Three-month LME zinc closed up $7 at $2,614 a tonne, retreating from a fresh high since January 2010 at $2,684 reached earlier. The metal is up around 60 percent this year.
Lead closed 0.6 percent higher at $2,209 a tonne, after reaching a fresh high since September 2014 at $2,238.
Tin closed 2.5 percent lower at $20,300, after touching a near one-month low of $19,840 a tonne earlier. Nickel closed 0.3 percent higher to $11,290 a tonne, while aluminium closed unchanged at $1,735 a tonne.
The general downside in base metals, seen as a proxy for industrial activity in China, was mirrored in steel-dependent iron ore markets. Iron ore futures in Asia dropped sharply on Tuesday, after a frenzied rally over the past week to multi-year highs, as weaker Chinese steel prices tamed bullish bets on the raw material.
-18th China(Guangzhou)Int¡¯l
Non-Ferrous
Metal£¨Copper£©Exhibition
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