Copper loses over 2% as dollar edges up, while Chinese concerns resurface

Economies.com
2023-12-04 16:51PM UTC

Copper prices fell on Monday as the dollar rose against a basket of major rivals, amid growing concerns about increasing inventories at the London Metals Exchange. 

 

Copper standard futures fell 1.3% at the London Metals Exchange to $8500 a tonne, away from a four-week high at $8640. 

 

As the dollar rose, it made dollar-denominated metals futures costlier to holders of other currencies.

 

Copper inventories at the London Metals Exchange rose on Friday to 174.900 tonnes, becoming nearly 225% higher from July levels.

 

Otherwise, China reported mixed data for factory activities in November, raising doubts about demand, while data on commerce and inflation will be released later today.

 

Technically, copper is standing at $8,445, at the 200-day SMA, with a resistance at $8640. 

 

Copper found some support from the disrupted supplies in Panama, as the First Quantum company suspended operations at its mine, representing 1% of global supplies. 

 

Nickel prices rose today on active short-covering away from March 2021 lows plumbed recently at $15,840. 

 

Aluminium fell 0.7% to $2193 a tonne, while zinc fell 1.4% to $2474, as lead rose 0.5% to $2130, while tin rose 0.5% to $23880. 

 

The dollar index rose 0.5% as of 16:36 GMT to 103.7, with a session-high at 103.8, and a low at 103.06.

 

Copper futures due in March fell 2.4% to $3.83 a pound as of 16:30 GMT. 

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