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ShFE Metals Mostly Lower on Dollar Rebound, Stimulus Concerns, LME Copper Set for Weekly Rise

23 Oct 2020 8:07 am
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Mumbai (Commodities Control) – Shanghai base metals fell for the most part on Friday morning, while their counterparts on the LME set for a mixed start, as the US dollar rebounded and hopes for a US stimulus package before the Nov. election dimmed.

London copper prices fell on Friday as a stronger U.S. dollar made greenback-priced metals more expensive for buyers using other currencies.

Three-month copper on the London Metal Exchange fell 0.3% to $6,902 a tonne by 0124 GMT.

But the contract has risen 2.4% so far this week, underpinned by hopes for U.S. fiscal stimulus and supply disruptions in Chile.

The most-traded November copper contract on the Shanghai Futures Exchange declined 0.6% to 52,070 yuan ($7,792.46) a tonne.

The dollar edged higher early in the Asia session as traders awaited the final U.S. presidential debate.

LME nickel eased 0.3% to $15,765 a tonne, zinc decreased 0.5% to $2,567 a tonne, lead dropped 1% to $1,793.50 a tonne while ShFE nickel declined 0.5% to 119,700 yuan a tonne and tin fell 0.8% to 146,020 yuan a tonne.

Shanghai base metals mostly closed in negative territory in overnight trading. Zinc, the best performer, rose 0.15%, while copper slid 0.46%, aluminium weakened 0.24%, lead dipped 0.1%, nickel slid 0.44%, and tin slipped 0.77%.

The LME complex fell for the most part on Thursday. Aluminium and zinc both ended flat, while copper shed 1.24%, lead weakened 0.36%, nickel shed 0.72% and tin fell 0.4%.

Three-month LME copper is expected to trade between $6,860-6,940/mt today. The most-active SHFE 2012 copper contract is likely to move between 51,700-52,200 yuan/mt today.

(Commodities Control Bureau)

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