London copper eases 6-week high on dollar strength

Jan. 5 (Reuters) – Copper prices in London fell on Wednesday, retreating from a six-week high reached in the previous session, as the US dollar remained firm on expectations of anticipated interest rate hikes by the Federal Reserve.

Three-month copper on the London Metal Exchange was down 0.4% to $ 9,725 a tonne at 03:30 GMT. On Tuesday, prices hit their highest level since November 25 at $ 9,812.

The most-traded copper contract in February on the Shanghai Futures Exchange rose 0.6% to 70,210 yuan ($ 11,018.69) per tonne.

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The dollar hovered near a two-week high reached in the previous session against a basket of major currencies while hitting a five-year high against the Japanese yen.

As a firmer dollar makes metals more expensive to the greenback for holders of other currencies, a rise in interest rates could reduce liquidity in financial markets and slow the recovery in the world’s largest economy.

Among other industrial metals, aluminum LME fell 0.1% to $ 2,837.5 per tonne, nickel slipped 0.7% to $ 20,980 per tonne, lead fell 0.2 % at $ 2,293 per tonne, tin was flat at $ 39,195 per tonne and zinc fell 0.8% to $ 3,575 per tonne. tonne.

* Aluminum ShFE rose 0.4% to 20,330 yuan per ton, while nickel gained 1.6% to 154,130 yuan, zinc rose 1.4% to 24,430 yuan, and lead fell 1.1% to 15,260 yuan. Tin climbed 2.2% to 296,780 yuan per ton, after hitting a record high of 297,900 yuan earlier.

* Chile’s total copper production in November fell 0.6% year-on-year to 481,800 tonnes, due to declines at state-owned Codelco and the giant Escondida mine, the Chilean Copper Commission reported on Tuesday.

* Indonesian coal miners are due to hold talks with government officials on Wednesday over a ban on the country’s coal exports that has pissed off global fuel markets and triggered energy security concerns in some major economies. Read more

* For the best articles on metals and other news, click


* Asian stocks slipped following a mixed session on Wall Street as rising US Treasury yields weighed on global tech companies and pushed the dollar to a five-year high against the Japanese yen.


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($ 1 = 6.3719 Chinese yuan)

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Reporting by Eileen Soreng in Bangalore; Editing by Subhranshu Sahu

Our Standards: Thomson Reuters Trust Principles.

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