Copper prices fell for a third day on Thursday as investors rallied in the U.S. on Friday. Waiting for work data will provide clues as to when monetary policy will tighten.
Expectations of higher interest rates could hit growth-related assets such as metals and stocks. World stocks were at an all-time high and the dollar was high.
China’s yuan, meanwhile, weakened for a fourth day from a three-year high against the dollar, setting the price of metals at greenback prices for consumers of the world’s largest commodities.
On the London Metal Exchange, (LME) benchmark copper was down 1.2% at $ 10,022 per tonne at 1040 GMT.
Prices of the metal used in electricity and construction reached a record high of 7 10,747.50 in early May, with many analysts expect strong demand for electricity in the coming years.
Independent analyst Robin Barr said: “The tips seem to be well supported. He said the short-term price direction will be dictated by U.S. employment data, but” I think we will see a new record rise in the fourth quarter. “
Economy: PMI studies show that China’s service sector expansion slowed in May, although industrial activity grew the fastest this year.
China Premiums: China’s appetite for foreign metal is declining, with Yangon copper import premiums per tonne. Falls to 28.50, the lowest level since at least 2012.
CITI: “Refined copper market tightness is on its way as consumer destruction drives its course,” City analysts said in a note. “It will become clear in the next few months, and our basic case is that it will be more elegant for tight copper spreads.”
Chile: Codelco’s copper production fell 0.5% year-on-year to 132,700 tonnes, while BHP’s Escondida mine fell 16.5% to 85,700 tonnes, according to the Chilean government.
Other metals: LME aluminum was down 1.3% at $ 2,411.50 a tonne, zinc was down 2.3% at $ 3,012, nickel was down 0.6% at $ 18,130, tin was up 1.3% at $ 2,191.50 and tin was up 1.9% at $ 30.25.