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MarketScreener Homepage  >  Commodities  >  LME Copper Cash       

LME COPPER CASH

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Copper eases amid U.S. stimulus uncertainty, weaker dollar trims losses

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08/18/2020 | 03:51am EDT

Aug 18 (Reuters) - Copper prices eased on Tuesday as they struggled to break through a strong resistance level due to uncertainty around the U.S. stimulus bill, although losses were limited by a weaker dollar.

Three-month copper on the London Metal Exchange fell 0.1% to $6,441.50 a tonne by 0617 GMT, having risen as much as 0.8% earlier.

The most-traded September copper contract on the Shanghai Futures Exchange closed up 0.9% to 50,830 yuan ($7,337.42) a tonne.

The U.S. dollar weakened on Tuesday, making greenback-priced LME metals more attractive to buyers using other currencies.

"At the moment, the markets in general feel like they lost their way and are looking for a trading signal," Malcolm Freeman, a director at UK broker Kingdom Futures said in a note.

LME copper may revisit its July 13 high of $6,633 a tonne this week, as a correction from this level may have completed, Reuters technicals analyst Wang Tao said.

FUNDAMENTALS

* Nickel ore at 14 Chinese ports edged up to 7.99 million tonnes as of Aug. 7, the highest since June 28, research house Antaike data showed.

* Nickel pig iron prices in Inner Mongolia with 10%-15% nickel content <NPI-INRMON-ANT> rose to a seven-week high of 1,030 yuan a tonne, while Chinese 300-series stainless steel prices <SSPR-3042B-ANT> hit their highest since Feb. 21 at 14,500 yuan a tonne, Antaike data showed.

* Chinese domestic aluminium ingots prices <SMM-ALU-ING> fell to their lowest since July 21 at 14,420 yuan a tonne.

* The Asia Copper Week gathering of miners, traders and smelters of the metal in Shanghai in November has been cancelled.

* ShFE zinc jumped 1.9% to 19,9050 yuan a tonne, while LME zinc hit a nine-month high at $2,460 a tonne before easing to $2,453 a tonne, a gain of 0.5%.

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

($1 = 6.9275 yuan) (Reporting by Mai Nguyen; Editing by Rashmi Aich, Uttaresh.V and Amy Caren Daniel)


Stocks mentioned in the article
ChangeLast1st jan.
INNER MONGOLIA YILI INDUSTRIAL GROUP CO., LTD. -0.43% 41.22 End-of-day quote.33.23%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.05% 6.7142 Delayed Quote.-3.48%
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