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Markets

Copper dips as US tapering fears support dollar

  • LME aluminium rose 0.7% to $2,595 a tonne and lead advanced 0.5% to $2,286 a tonne, while tin dropped 0.5% to $34,565 a tonne
Published August 9, 2021

Copper prices declined on Monday as solid US employment data raised concerns of a sooner-than-expected rate hike, strengthening the dollar and making greenback-priced metals more expensive to holders of other currencies.

The dollar climbed against major peers, reaching a four-month high versus the euro.

Three-month copper on the London Metal Exchange fell 0.1% to $9,460 a tonne by 0544 GMT, while the most-traded September copper contract on the Shanghai Futures Exchange dipped 0.3% to 69,550 yuan ($10,744.63) a tonne.

"Despite better-than-expected US employment figures on Friday, the market sentiment seems to be changing with nervousness that the Fed will start tapering fiscal support," said Malcolm Freeman, a director at UK broker Kingdom Futures.

Copper gains for fourth session on economic recovery hopes

"In addition to this the continuing spread of COVID-19 once again in China is also undermining confidence."

China, the world's top metals consumer, reported more COVID-19 cases on Monday, while some cities added rounds of mass testing in the effort to stamp out local infections.

FUNDAMENTALS

  • LME nickel fell 1.6% to $18,900 a tonne and ShFE nickel dropped 3.1% to 140,270 yuan a tonne. ShFE lead declined 1.8% to 15,475 yuan a tonne and ShFE zinc dipped 0.2% to 22,390 yuan a tonne.

    • LME aluminium rose 0.7% to $2,595 a tonne and lead advanced 0.5% to $2,286 a tonne, while tin dropped 0.5% to $34,565 a tonne.
  • China's copper imports in July fell 1.0% from June, declining for a fourth straight month, customs data showed on Saturday, hurt by high prices, the release of state reserves and increased scrap metal inflows.

  • The US Senate moved a step closer on Sunday to passing a $1 trillion bipartisan infrastructure bill.

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