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Copper falls on firmer dollar as Fed tapering looms

10/10/2021 | 09:38pm

Oct 11 (Reuters) - Copper prices fell on Monday, weighed down by a stronger dollar on expectation that the U.S. Federal Reserve will start trimming its stimulus from next month.

Three-month copper on the London Metal Exchange fell 0.3% to $9,329 a tonne by 0121 GMT, while the most-traded November copper contract on the Shanghai Futures Exchange eased 0.1% to 69,180 yuan ($10,736.40) a tonne.

The dollar ticked up, making greenback-priced metals more expensive to holders of other currencies, after a soft U.S. payrolls figure did little to alter market expectations that the Fed will start tapering its massive bond-buying in November.

FUNDAMENTALS

* An Andean community in Peru suspended a protest and a blockade against Glencore's Antapaccay mine on Friday, after reaching an agreement to begin talks in search of a new deal between the mine and residents, a community leader said.

* Aldel is halting production of primary aluminum due to the current high electricity prices, the Dutch firm's chief executive said on Friday.

* Kosovo's sole ferro-nickel producer Newco Ferronikeli said on Friday it was shutting down production because of the increase in energy prices.

* LME aluminum rose 0.4% to $2,978.50 a tonne, nickel advanced 0.8% to $19,380 a tonne, and tin increased 0.8% to $36,450 a tonne.

* ShFE aluminum was up 1.3% at 23,220 yuan a tonne, nickel climbed 2.6% to 145,930 yuan a tonne, zinc increased 1.8% to 23,275 yuan a tonne and tin jumped 2.6% to 285,420 yuan a tonne.

* For the top stories in metals and other news, click or

MARKETS NEWS

* Asian shares slipped as global inflation angst favored commodities as a hedge over U.S. equities, while rising U.S. bond yields lifted the dollar to two-and-a-half year peaks against the Japanese yen

DATA/EVENTS (GMT)

No major data/events expected on Monday ($1 = 6.4435 yuan) (Reporting by Mai Nguyen in Hanoi; Editing by Subhranshu Sahu)

© Reuters 2021
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