Most base metals down with firmer dollar, supply outlook in focus

Most base metals down with firmer dollar, supply outlook in focus
Most base metals down with firmer dollar, supply outlook in focus

Prices of most base metals fell on Wednesday as the rising U.S. dollar made commodities more expensive for buyers as investors weigh the outlook for metals supplies.

Three-month copper on the London Metal Exchange was down 1.1 percent at $9,917 a metric ton, by 0135 GMT, reversing earlier gains that pushed the contract to a near two-year high.

The most-traded June copper contract on the Shanghai Futures Exchange was down 1.5% at 79,890 yuan ($11,062.49) a tonne.

The dollar returned to center stage on Wednesday, making modest gains after earlier losses due to renewed bets on Federal Reserve rate cuts this year, while the yen edged closer to the 155 level for a dollar and kept Tokyo’s risks of intervention high.

The metals supply outlook was also in investors’ sights, with shortages of copper raw materials the main driver of the recent rise.

Mining giant Freeport-McMoRan is preparing to ship up to 900,000 tonnes of copper concentrate starting in June from its Grasberg mine after positive talks with Indonesia to extend its export license, Reuters reported on Tuesday.

Nickel on the LME fell 2.2% to $18,840 a tonne, tin lost 1.6% to $32,075, aluminum slipped 0.9% to $2,546.50 and Lead fell 0.5% to $2,232.50, zinc lost 1.4% to $2,917.50.

SHFE zinc fell 0.6% to 23,195 yuan per tonne, tin slipped 1.4% to 259,470 yuan, aluminum fell 1.5% to 20,400 yuan, nickel lost 2.4% to 141,810 yuan, while lead rose 0.8% to 17,835 yuan.

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0600 Germany – Industrial production in March

1200 Brazil March Retail sales

2350 Japan Bank of Japan to publish summary

of the opinions of the members of the board of directors during its

meeting of April 25 and 26

($1 = 7.2217 Chinese yuan) (Reporting by Siyi Liu and Mei Mei Chu; Editing by Sherry Jacob-Phillips)



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