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Markets

LME copper eases on stronger dollar, rising Sino-US tension

  • The most-traded September copper contract on the Shanghai Futures Exchange closed up 0.1pc to 50,340 yuan ($7,237.44) a tonne.
11 Aug, 2020

London copper prices eased on Tuesday due to stronger dollar and risks from rising tensions between Washington and Beijing, while hopes for a potential US stimulus bill capped losses.

The most-traded September copper contract on the Shanghai Futures Exchange closed up 0.1pc to 50,340 yuan ($7,237.44) a tonne, while three-month copper on the London Metal Exchange eased 0.4pc to $6,369 a tonne by 0726 GMT.

Heightened US-China tensions raised fears of economic retaliation between the world's two biggest economies that could further dampen global growth and metals demand, while a stronger dollar made greenback-priced metals in London less attractive to users of other currencies.

The falls in prices were cushioned on hopes of another US stimulus bill.

"Copper is just taking direction from currency moves at the moment as supply fears have eased and Chinese demand is lower with the arbitrage closed," said Anna Stablum, a commodities broker at Marex Spectron.

"Investors are side-lined, waiting for a new stimulus deal in the United States to be agreed and wanting to see how the US-China relations develop," Stablum added.

FUNDAMENTALS

China's auto sales in July climbed 16.4pc from a year earlier, the fourth consecutive month of gains as the world's biggest vehicle market comes off lows hit during the country's coronavirus lockdown.

Canada's Teck said it would reinitiate work on its Quebrada Blanca phase 2 copper project in Chile after shutting it down in March because of the novel coronavirus outbreak.

LME aluminium fell 0.1pc to $1,784.50 a tonne, while lead rose 0.9pc to $1,915.50 a tonne.

ShFE aluminium dropped 1.6pc to 14,220 yuan a tonne and lead fell 1pc to 16,130 yuan a tonne.

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