METALS-Copper dips on firmer dollar, demand outlook worry on Trump's tariff threat

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Nov 28 (Reuters) - Copper prices eased on Thursday, weighed down by a firmer dollar and concerns over the potential U.S. tariffs on Chinese products that could hurt metals consumption. Three-month copper on the London Metal Exchange (LME) CMCU3 eased 0.2% to $9,000 per metric ton by 0408 GMT, while the most-traded January copper contract on the Shanghai Futures Exchange (SHFE) SCFcv1 dipped 0.2% to 73,800 yuan ($10,187.04) a ton. The dollar index .DXY edged up, making greenback-priced metals more expensive to holders of other currencies. U.S. President-elect Donald Trump said earlier this week he will impose an additional 10% tariffs on all Chinese goods after he takes office in January. Copper prices will be trading in tight ranges for the short-term as people are waiting for more details on Trump's policies and how the Chinese government reacts to them, said analyst Matt Huang at broker BANDS Financial. Some are also waiting for more key policy meetings in China and companies' annual reports to see how well they are doing, he said. "We will be here for a while but if the U.S. dollar depreciates a lot copper price will go up," Huang said. However, supporting copper at $9,000, a key resistance level, is solid buying from China. "It's all about the absolute price. At $9,000 they will buy more," Huang said. Copper inventories in SHFE warehouses CU-STX-SGH dropped to their lowest since Feb. 5 at 120,236 tons. LME aluminium CMAL3 eased 0.5% to $2,583 a ton, while nickel CMNI3 rose 0.9% to $16,025, zinc CMZN3 edged down 0.6% at $3,112.50, lead CMPB3 increased 0.3% to $2,063.50 and tin CMSN3 fell 0.3% to $27,860. SHFE aluminium SAFcv1 fell 1.1% to 20,315 yuan a ton, tin SSNcv1 dropped 2% to 233,250 yuan, while nickel SNIcv1 rose 0.3% to 126,920 yuan, zinc SZNcv1 climbed 1.1% to 25,850 yuan and lead SPBcv1 advanced 0.7% to 17,355 yuan. For the top stories in metals and other news, click TOP/MTL or MET/L ($1 = 7.2445 yuan) (Reporting by Mai Nguyen in Hanoi; Editing by Rashmi Aich) (([email protected]; Reuters Messaging: [email protected])) (( For related news and prices, click on the codes in brackets: LME price overview RING= COMEX copper futures 0#HG: All metals news MTL All commodities news C Foreign exchange rates FX= SPEED GUIDES LME/INDEX ))
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Published Date
28 Nov 2024 at 12:33 PM
Publisher
Refinitiv
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