LONDON (MarketWatch) – London Metal Exchange (LME) copper climbed more than a month on Thursday, with nickel falling 6% after the Fed expected to raise interest rates again before the end of the year.
London time on September 21 17:00 (Beijing time on September 22 00:00), three-month copper fell 0.7 percent, to $ 6,480 per ton, earlier fell to mid-August to the lowest 6,427.50 dollars.
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The Federal Reserve announced Wednesday plans to cut its balance sheet in October and hinted that it could raise interest rates later this year. This pushed the dollar against the yen rose to more than two months high, so that dollar-denominated metals to other currencies to become more expensive buyers.
“The decline is mainly due to exchange rate movements,” said Gianclaudio Torlizzi, a partner at T-Commodity, a metals consultancy, which is mainly due to the dollar’s decline, so the dollar is now tightening all metals.
But he said the price of copper would rebound. “Fundamental demand is not busy, but the supply has been reduced, so there is no need for too strong demand to make the copper market a shortage.
Two Chinese copper smelters have raised their fourth quarter processing refining costs (TC / RCs) to $ 95 per tonne and 9.5 cents per pound, sources said on two sources close to the China Copper Jointes Joint Negotiating Group (CSPT).
The new fee is slightly higher than the reserve price of $ 86 per tonne and 8.6 cents per pound in the third quarter, and higher than the previous expectations of the trader. CSPT, composed of 10 member companies, met in Shanghai on Thursday morning.
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Three-month nickel fell more than 6%, closing at $ 11,005 a tonne, down 3.3%.
Three-month aluminum fell from its five-year high yesterday, down 0.3 percent to $ 2,171 a tonne, but tightening expectations ahead of next year.
International Aluminum Association (IAI) announced that China’s aluminum production in August was 2.64 million tons in July to 2.686 million tons.
This year’s environmental protection and the elimination of backward production capacity, making the policy side of the aluminum market is a crucial factor. With the start of a round of environmental protection inspectors, aluminum supply gap is widening. And before Jiaozuo Wan Fang aluminum enterprises ahead of schedule to enter the peak of the production of the message is detonated aluminum city.
Three-month zinc fell 1% at $ 3,101 per tonne.
Three-month lead rose 2.2% to $ 2,513 per tonne.
Three-month tin closed 0.9% lower at $ 20,450 per tonne.
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