Most Read Copper hits 7-week low as dollar firms, inventories jump Oct 2 (Reuters) – London copper on Friday dropped to its lowest in seven weeks as prices came under pressure after the dollar strengthened on stalled U.S.stimulus talks and amid a jump in inventories.Three-month copper on the London Metal Exchange was down 1.1% at $6,319 a tonne by 0311 GMT, having fallen to as low as $6,303 earlier in the session, its lowest since Aug.14.Copper stocks in LME-approved warehouses
dollar higher, making greenback-priced metals less appealing to holders of other currencies.FUNDAMENTALS * Prices of aluminium for U.S.consumers in the transport, construction and packaging industries are sliding because the market is expecting exemptions for producers in the United Arab Emirates and Bahrain.
* LME aluminium edged down 0.1% to $1,737 a tonne and nickel declined 0.5% to $14,275 a tonne.* For the top stories in metals and other news, click or MARKETS NEWS * Asian markets were little changed, as a U.S.stimulus deal remained out of reach and investors waited on fresh U.S.employment data for a read on the economic toll from the coronavirus pandemic.
DATA/EVENTS (GMT) 0900 EU HICP Flash YY Sept 0900 EU HICP-X F&E Flash YY Sept 1230 US Non-Farm Payrolls Sept 1230 US Unemployment Rate Sept 1230 US Average Earnings YY Sept 1400 US Factor Orders MM Aug 1400 US U Mich Sentiment Final Sept PRICES ARBS (Reporting by Mai Nguyen, Editing by Sherry Jacob-Phillips) 2020-10-02 05:36:05
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