Sept 30 (Reuters) – Copper prices were set for their first quarterly loss in six quarters, as the prospect of the U.S. Federal Reserve scaling back its pandemic stimulus pressured the metal used to gauge global economic health.
The most-traded November copper contract on the Shanghai Futures Exchange SCFcv1 was down 0.9% at 68,030 yuan a tonne, as of 0144 GMT, and dipped 0.1% on a quarterly basis, on track for its first fall since the quarter ended March 2020.
Three-month copper on the London Metal Exchange CMCU3 edged up 0.1% to $9,168 a tonne, but lost 2.2% so far this quarter and was also set for the first quarterly fall since March 2020.
A key focus of financial markets in the third quarter has been talks of policy tightening in the United States, which also boosted the dollar .DXY and made greenback-priced metals more expensive to holders of other currencies.
ShFE tin SSNcv1, despite falling 1.4% to 270,660 yuan a tonne, was on track for its best quarter on record, up 30.9%. LME tin CMSN3 was set for its sixth straight quarterly gain.
Aluminium prices in both London CMAL3 and Shanghai SAFcv1 were on track for their sixth straight quarterly gain, as supply disruptions and solid demand boosted appetite for the metal used in products from food cans to plane parts.
Zinc prices on both exchanges CMZN3, SZNcv1 were also set for their sixth quarterly gains.
FUNDAMENTALS
* China’s factory activity unexpectedly shrank in September as high raw material prices and power cuts pressured manufacturers in the world’s second-largest economy.
* For the top stories in metals and other news, click
TOP/MTL or MET/L DATA/EVENTS (GMT)
0600 UK GDP QQ, YY Q2
0600 UK Nationwide house price MM, YY Sept
0645 France CPI (EU Norm) Prelim YY Sept
0755 Germany Unemployment Chg, Rate SA Sept
0900 EU Unemployment Rate Aug
1200 Germany CPI Prelim YY Sept
1200 Germany HICP Prelim YY Sept
1230 US GDP Final Q2
1230 US Initial Jobless Clm Weekly
(Reporting by Mai Nguyen in Hanoi; Editing by Sherry Jacob-Phillips)
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