Difference between revisions of "Industrial Metals Dip As Dollar Gains On Tight Race In Early U.S...."
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− | <br>By Mai Nguyen<br> <br>Nov 4 (Reuters) - Industrial metals declined on Wednesday as a stronger U.S.<br>dollar made greenback-priced metals more expensive for buyers holding other currencies, but prices were supported by hopes for further U.S. stimulus.<br> <br>The U.S. dollar jumped and risk-sensitive currencies weakened, as early results in the U.S. presidential election showed a very tight race between | + | <br>By Mai Nguyen<br> <br>Nov 4 (Reuters) - Industrial metals declined on Wednesday as a stronger U.S.<br>dollar made greenback-priced metals more expensive for buyers holding other currencies, but prices were supported by hopes for further U.S. stimulus.<br> <br>The U.S. dollar jumped and risk-sensitive currencies weakened, as early results in the U.S. presidential election showed a very tight race between Republican President Donald Trump and his Democratic challenger Joe Biden, [https://www.kynghidongduong.vn/blog/kinh-nghiem-kham-pha-shangri-la-vung-dat-cua-tinh-yeu.html tour Lệ Giang] prompting a wind-back of bets on a victory by Biden.<br> <br>Three-month copper on the London Metal Exchange fell 1.5% to $6,711 a tonne by 0731 GMT.<br> <br>Aluminium dropped 2.1% to $1,866 a tonne, zinc declined 1.8% to $2,520 a tonne, nickel lost 1.7% to $15,105 a tonne and tin was down 0.5% at $17,980 a tonne.<br> <br>"Price has been like a roller coaster. In the morning, market was crazy. It's quieter in the afternoon. Metal (market) is stable now, at least. Stimulus sure is in the pipeline," said a commodities broker in Singapore.<br> <br>FUNDAMENTALS<br> <br>* The most-traded December copper contract on the Shanghai Futures Exchange closed up 0.2% to 51,610 yuan ($7,685.55) a tonne, [https://www.kynghidongduong.vn/blog/kinh-nghiem-kham-pha-shangri-la-vung-dat-cua-tinh-yeu.html kynghidongduong.vn] while aluminium dipped 0.4% to 14,750 yuan a tonne.<br> <br>* Aluminum Corp of China Ltd,, or Chalco, said on Tuesday it would sell a 135,000 tonnes annual aluminium smelting capacity quota to Yunnan Aluminium, continuing the sector's migration to [http://imgur.com/hot?q=China%27s China's] hydropower-rich southwest.<br> <br>* The recovery in China's service sector activity extended into a sixth straight month in October, an industry survey showed, with hiring picking up to the highest level in a year but overseas demand slipping.<br> <br>* For top [http://www.foxnews.com/search-results/search?q=stories stories] in metals and other news, click or<br> <br>($1 = 6.7152 yuan) (Reporting by Mai Nguyen; editing by Uttaresh.V and Rashmi Aich)<br> |
Latest revision as of 21:19, 3 January 2021
By Mai Nguyen
Nov 4 (Reuters) - Industrial metals declined on Wednesday as a stronger U.S.
dollar made greenback-priced metals more expensive for buyers holding other currencies, but prices were supported by hopes for further U.S. stimulus.
The U.S. dollar jumped and risk-sensitive currencies weakened, as early results in the U.S. presidential election showed a very tight race between Republican President Donald Trump and his Democratic challenger Joe Biden, tour Lệ Giang prompting a wind-back of bets on a victory by Biden.
Three-month copper on the London Metal Exchange fell 1.5% to $6,711 a tonne by 0731 GMT.
Aluminium dropped 2.1% to $1,866 a tonne, zinc declined 1.8% to $2,520 a tonne, nickel lost 1.7% to $15,105 a tonne and tin was down 0.5% at $17,980 a tonne.
"Price has been like a roller coaster. In the morning, market was crazy. It's quieter in the afternoon. Metal (market) is stable now, at least. Stimulus sure is in the pipeline," said a commodities broker in Singapore.
FUNDAMENTALS
* The most-traded December copper contract on the Shanghai Futures Exchange closed up 0.2% to 51,610 yuan ($7,685.55) a tonne, kynghidongduong.vn while aluminium dipped 0.4% to 14,750 yuan a tonne.
* Aluminum Corp of China Ltd,, or Chalco, said on Tuesday it would sell a 135,000 tonnes annual aluminium smelting capacity quota to Yunnan Aluminium, continuing the sector's migration to China's hydropower-rich southwest.
* The recovery in China's service sector activity extended into a sixth straight month in October, an industry survey showed, with hiring picking up to the highest level in a year but overseas demand slipping.
* For top stories in metals and other news, click or
($1 = 6.7152 yuan) (Reporting by Mai Nguyen; editing by Uttaresh.V and Rashmi Aich)