LONDON (MarketWatch) – London Metal Exchange (LME) copper fell to a three-week low on Wednesday, as profit-taking, LME warehouse inventories increased, tense demand for China and rising dollar.
London time on September 13 17:00 (Beijing time on September 14 00:00), three-month copper fell 1.9 percent to $ 6,543 per ton, intraday low see $ 6,529. Copper prices have risen about 18% so far this year, partly due to speculative buying in July and August.
“We seem to be profitable and we may see more of this deal,” said Caroline Bain, senior commodity strategist at Capital Economics.
“China needs a little surprise, but a closer look at the data, the construction industry atrophy, which will drag the demand.”
| Thiourea dioxide |
The dollar is so high that the dollar-denominated metals are more expensive for non-US companies, which could hit the needs of the manufacturer.
Since last week, LME registered warehouse copper stocks increased by 38,150 tonnes to 246,575 tonnes.
High inventories, coupled with concerns about the oversupply of the copper market, helped spot copper rise above the three-month copper premium to $ 40 per tonne, the highest since December 2009. Traders say this shows that there will be more copper delivery in the coming days.
Three-month zinc closed down 1.2 percent at $ 3,023 a tonne.
Three-month nickel closed down 5.2 percent at $ 11,360 a tonne, down to a three-week low of $ 11,330, due to rumors that the main exporting country – Indonesia’s supply increased.
| Thiourea |
Three-month aluminum closed down 1.3 percent at $ 2,110 a tonne;
Three-month lead closed 0.9% lower at $ 2,290 a tonne;
Three-month tin closed 0.8% lower at $ 20,515 a tonne.
| http://www.pivalicacid.com |