METALS-Copper eases on stronger dollar

05:12' PM - Thursday, 14/01/2021

Copper prices fell on Thursday, as a stronger dollar buoyed by stimulus hopes and higher U.S. yields made greenback-priced metals more expensive to holders of other currencies.

Three-month copper on the London Metal Exchange slipped 0.4% to $7,981 a tonne by 0328 GMT, while the most-traded March copper contract on the Shanghai Futures Exchange fell 0.2% to 58,720 yuan ($9,075.73) a tonne.

The dollar extended its rebound from near three-year lows against major peers, supported by higher U.S. yields, as President-elect Joe Biden prepared to outline his plans for massive fiscal stimulus.

FUNDAMENTALS

* China’s copper imports fell for a third straight month in December, official data showed, as construction and manufacturing demand was not enough to offset the closure of an arbitrage window that made 2020 a record year for shipments.

* China’s exports grew more than expected in December, albeit at a slower pace than the month before, as global demand for Chinese goods remained solid, while import growth quickened.

* Global miner Rio Tinto said it had reached an agreement with electricity provider Meridian Energy MEL.NZ to allow its aluminium smelter in New Zealand to continue operations until December 2024.

* LME aluminium rose 0.2% to $2,016.50 a tonne, nickel advanced 0.3% to $17,730 a tonne while zinc fell 0.8% to $2,752 a tonne.

* ShFE nickel rose 0.5% to 130,990 yuan a tonne, zinc fell 1.3% to 20,530 yuan a tonne and lead rose 1.7% to 14,855 yuan a tonne.

- Reutes -

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