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Copper drops further at LME on dollar strength- 2016 China(Guangzhou)Non-Ferrous Metals Exhibition
11/11/2015 non-ferrous metals expo |
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Reuters reported that copper hit a six week low on Monday and headed towards its weakest in six years as the dollar remained firm and trade data from top consumer China reinforced the view that economic growth is slowing. Three-month copper on the London Metal Exchange ended down 0.5 percent at $4,964 a tonne, after touching its weakest level since Sept. 29 at $4,955. Prices are within sight of six-year lows of $4,855 hit in late August.
Mr William Adams, head of research at Fastmarkets, said “The dollar is providing downside pressure and there are concerns over a global growth slowdown. There is support below the $5,000 area, we''ve had supply cuts and the market is probably well balanced. All it would take is a slight glimmer of light on the China outlook and that would turn copper around quite quickly."
Strong US jobs data on Friday raised the chances of a rate rise in December and pushed the dollar to its highest since mid-April and making dollar-priced metals more costly for non US investors. The dollar took a breather on Monday, however, but remained firm.
China''s trade figures lagged analysts'' expectations by a wide margin in October, reinforcing views the world''s second-largest economy will have to do more to stimulate domestic demand given the softness in overseas markets.
Also, the Organisation for Economic Co-operation and Development warned that global trade flows had fallen dangerously close to levels usually associated with recession, though actions taken by China and others should ensure a pick-up in 2016.
In other metals, zinc fell 1 percent at $1,644, having earlier touched its lowest since early October at $1,639. Tin ended down 0.6 percent at $14,550, having touched its lowest since early September at $14,460 after LME data showed tin stocks climbed 505 tonnes to 5,645 tonnes, their highest since early September. Aluminium ended down 0.9 percent at $1,510 a tonne, lead closed down 0.2 percent at $1,659, while nickel ended 0.6 percent lower at $9,580.
有色金属展-2016年第十七届广州国际有色金属展览会-巨浪展览
non-ferrous
metals- 2016 China(Guangzhou)Non-Ferrous Metals Exhibition
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