HANOI, June 17 (Reuters) – Industrial metals were mostly down on Thursday, weighed by a firm dollar as the U.S. Federal Reserve brought forward its projections for an interest-rate hike.
Three-month copper on the London Metal Exchange fell 1.6% to $9,514.50 a tonne by 0203 GMT, having dropped as much as 2.6% earlier in the session to $9,415 a tonne, its lowest since April 23.
The most-traded July copper contract on the Shanghai Futures Exchange dipped 0.1% to 68,920 yuan ($10,730.69) a tonne.
The dollar rose to its highest level in almost two months versus major peers as the Fed began closing the door on its pandemic-driven monetary policy.
A stronger dollar makes greenback-priced metals more expensive and less appealing to holders of other currencies.
LME nickel dropped 2.1% to $17,280 a tonne, aluminium fell 1.1% to $2,441.50 a tonne, zinc shed 1.2% to $2,988 a tonne and lead declined 1.1% to $2,178.50 a tonne.
ShFE nickel decreased 2.3% to 127,190 yuan a tonne, aluminium was down 0.5% at 18,640 yuan a tonne while tin declined 0.7% to 205,010 yuan a tonne.
* China’s production of secondary aluminium will almost triple by the end of this decade if all announced recycling projects come to fruition, Rusal said, as the country caps primary smelting capacity and looks to reduce emissions.
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* Asian markets looked set for a rough ride after the U.S. Federal Reserve stunned investors by signalling it might raise interest rates at a much faster pace than assumed, sending yields and the dollar sharply higher.
0900 EU HICP Final MM, YY May
1230 US Initial Jobless Clm Weekly
1230 US Philly Fed Business Indx June
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