Copper ticks down as dollar weighs ahead of China return
RING•Copper fell 0.16% to $14,397 a metric ton as the dollar strengthened and traders awaited the return of Chinese buyers when Shanghai markets reopen on October 8.
1. Copper slips in quiet trade
Benchmark three-month copper on the London Metal Exchange was down 0.16% at $14,397 a metric ton by 0701 GMT on Tuesday. The Shanghai Futures Exchange was closed for China's National Day and is due to reopen on October 8.
2. Dollar offsets demand support
The dollar rose alongside Treasury yields, offsetting support for copper from strong stock market performance. Sucden Financial analysts said renewed physical buying could extend copper's recovery, while a muted response could leave metals vulnerable to high U.S. yields, dollar strength and further profit-taking.
3. Other metals mixed
Aluminium rose 0.24%, while zinc fell 0.19%, lead fell 0.08% and nickel lost 0.57%; tin gained 0.16%. Aluminium prices have fallen more than 17% since reaching a four-year high in June, with easing Gulf supply concerns and expectations of new Indonesian production capacity weighing on prices.
