Copper prices fell on Thursday on prospects of prolonged interest rates hikes in the United States stalling economic growth and crimping demand for the metal.
The most-traded March copper contract on the Shanghai Futures Exchange edged down 0.4% at 70,070 yuan ($10,166.27) a tonne by 0244 GMT, while three-month copper on the London Metal Exchange was flat at $9,112 a tonne.
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Minutes from the U.S. Federal Reserve’s latest meeting showed policymakers will likely stick with interest rate increases to tame inflation, but favored slowing the pace of the hikes.
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The U.S. dollar stood near a seven-week high against the euro and the Australian dollar on prospects of higher-for-longer rates, making greenback-priced metals more expensive for holders of other currencies.
Cushioning further decline in prices of metal are expectations for a demand recovery in top consumer China, after it reopened its economy, but real consumption is not expected to pick up until next month or in the second quarter.
LME aluminum dipped 0.1% to $2,415 a tonne, lead declined 0.4% to $2,096 a tonne, tin shed 0.4% to $26,730 a tonne while zinc rose 0.5% to $3,073 a tonne.
SHFE aluminum fell 0.3% to 18,730 yuan a tonne, nickel dropped 2.9% to 204,880 yuan a tonne, tin declined 2.1% to 215,770 yuan a tonne, zinc decreased 0.5% to 23,460 yuan a tonne and lead was down 0.6% to 15,330 yuan a tonne.
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DATA/EVENTS (GMT)
1000 EU HICP Final MM, YY Jan
1330 US GDP 2nd Estimate Q4
1330 US Initial Jobless Clm Weekly
($1 = 6.8924 yuan) (Reporting by Mai Nguyen in Hanoi Editing by Vinay Dwivedi)
