Aug 19 (Reuters) – Copper fell on Thursday as a powerful greenback made greenback-priced metals cheaper for holders of different currencies, whereas easing provide disruptions additionally pressured costs.
Three-month copper on the London Steel Trade CMCU3 fell 0.2% to $9,029 a tonne by 0318 GMT, whereas the most-traded September copper contract on the Shanghai Futures Trade SCFcv1 declined 2.3% to 67,300 yuan ($10,364.37) a tonne.
The greenback rose to a nine-month excessive versus the euro and Australian and New Zealand currencies, with Federal Reserve coverage makers principally in settlement {that a} stimulus taper would begin this 12 months.
Residents close to MMG Ltd’s 1208.HK Las Bambas copper mine in Peru lifted the blockade of a highway used to move the steel, whereas operations resumed at Teck Sources Ltd’s TECKb.TO Highland Valley Copper operations in Canada after a wildfire evacuation order was lifted, easing copper provide stress.
FUNDAMENTALS
* LME nickel CMNI3 fell 0.6% to $18,775 a tonne, lead CMPB3 rose 0.4% to $2,298.50 a tonne and tin CMSN3 climbed 0.5% to $35,565 a tonne.
* ShFE aluminium SAFcv1 declined 1.6% to 19,989 yuan a tonne, nickel SNIcv1 dropped 2.4% to 140,770 yuan a tonne, zinc SZNcv1 dropped 1% to 22,440 yuan a tonne whereas lead SPBcv1 rose 0.8% to 15,445 yuan a tonne.
* Yangshan copper premium SMM-CUYP-CN rose to $82 a tonne, its highest since August final 12 months and a close to four-fold soar from the 2021 low degree of $21 hit in June, indicating bettering demand to import the steel into prime client China.
* For the highest tales in metals and different information, click on TOP/MTL or MET/L MARKETS NEWS
* Asian shares fell after minutes from the U.S. central financial institution’s final assembly confirmed the growing prospect of decreased financial stimulus this 12 months. MKTS/GLOB DATA/EVENTS (GMT)
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($1 = 6.4934 yuan)
(Reporting by Mai Nguyen in Hanoi)
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