Currencies

Base metals largely fall on strong dollar — TradingView News


Base metals prices mostly fell on Friday and were on track for a weekly decline as a stronger dollar made greenback-priced metals more expensive to holders of other currencies.

Three-month copper on the London Metal Exchange (LME) HG1! declined 0.9% to $8,869 per metric ton by 0539 GMT, while the most-traded May copper contract on the Shanghai Futures Exchange (SHFE) HG1! fell 0.8% to 72,720 yuan ($10,064.22) a ton.

The U.S. dollar was set for a second week of broad gains, after the Federal Reserve said it would not start cutting interest rates until it is more confident inflation is falling sustainably, while expectations of rate cuts are priced in for this year.

LME aluminium ALI1! shed 0.7% to $2,285.50 a ton, nickel NICKEL1! dropped 1.4% to $17,300, zinc ZNC1! declined 0.8% to $2,504.50, tin FTIN1! lost 1.7% to $27,400, while lead LEAD1! edged up 0.1% to $2,052.

SHFE aluminium ALI1! eased 0.1% to 19,370 yuan a ton, nickel NICKEL1! dropped 1.6% to 134,750 yuan, zinc ZNC1! fell 0.5% to 21,210 yuan, tin FTIN1! decreased 0.3% to 225,600 yuan, while lead LEAD1! edged up 0.1% to 16,220 yuan.

On a weekly basis, nickel and tin are the worst performers across all base metals on the LME, as supply disruption eased in major producer Indonesia where minerals exports and production resumed as more quotas were approved after months of delays.

LME nickel fell 4.2% so far this week, the worst since Nov. 24, and LME has lost 4.4% week-on-week, set for the steepest weekly decline since Sept. 29 last year.

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DATA/EVENTS (GMT)

0700 UK Retail Sales MM, YY, Ex-Fuel MM Feb

0900 Germany Ifo Business Climate New March

0900 Germany Ifo Current Conditions New March

0900 Germany Ifo Expectations New March

1030 Russia Central Bank Key Rate March

($1 = 7.2256 Chinese yuan renminbi)



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