(Updating prices, adding values)
HANOI, Jan. 14 (Reuters) – Copper prices fell Thursday as the dollar widened its reversal from nearly three years, making metals at a green price more expensive for other currency holders.
Three-month copper on the London Metal Exchange slipped 0.2% to $ 7,991 per tonne before 0612 GMT, while the most traded copper deal in March on the Shanghai Futures Exchange fell 0.1% to 58,790 Yuan ($ 9,089.36) per tonne .
The dollar gained strength from higher U.S. yields, as President Joe Biden chose to outline his plans for a major fiscal stimulus.
“Copper trades on all sides, monitoring any movement in the dollar for direction. The impact of the dollar will continue to drive these (metals) markets, ”said commodity broker Anna Stablum of Marex Spectron.
“The more promised, the weaker the dollar. However, there are already a lot of shorts in the dollar so if there is less (incentive) than expected, we would see the dollar take another step higher. ”
PROPERTY
* China imported the highest volumes of copper and unleaded copper products each year in 2020, while annual exports of aluminum fell to its lowest level since 2017.
* Chinese exports grew more than expected in December, albeit at a slower pace than the previous month, as global demand for Chinese goods remained strong, while import growth slowed. grow faster.
* LME nickel rose 0.9% to $ 17,840 per tonne while zinc fell 1% to $ 2,747 per tonne, while ShFE nickel rose 1.1% to 131,800 yuan per tonne and lead increased 2.2% to 14,915 yuan per ton tunna.
* LME silver aluminum was priced at $ 2.50 per tonne over the three-month contract, reflecting nearby material tensions CMAL0-3, as LME deposits of the metal MALSTX-TOTAL the lowest level since April 2020 fell at 1.29 million tons.
* “Increased restocking activity downstream and limited supply has resulted in a strong corporate market across key sectors. Disruption of the waste supply chain as a result of COVID-19 has led to tighter secondary supply, ”ING analysts said in a note.
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$ 1 = 6.4680 yuan Reciting by Mai Nguyen; Edited by Rashmi Aich