London copper edges higher on softer dollar, eyes Fed minutes
BEIJING — London copper prices inched up
in early trade on Wednesday after a more than 1% drop in the
previous session, as the dollar fell from a three-week peak and
investors awaited the minutes of the Federal Reserve’s July
A weaker greenback makes dollar-denominated metals cheaper
for holders of other currencies and can support prices.
* COPPER: Three-month copper on the London Metal Exchange
rose 0.3% to $5,725 a tonne by 0149 GMT, after closing
down 1.1% in the previous session on concerns of weak demand in
top metals consumer China. The most-traded October copper
contract on the Shanghai Futures Exchange fell 0.6% to
46,350 yuan ($6,568.51) a tonne.
* COPPER: The global world refined copper market showed a
62,000 tonnes deficit in May, compared with a 124,000 tonnes
deficit in April, the International Copper Study Group said in
its latest monthly bulletin.
* USD: The dollar index against a basket of six major
currencies was flat at 98.210 after shedding 0.2% overnight
* VEDANTA: Zambian President Edgar Lungu will not meet the
chairman of Vedanta Resources to discuss the disputed
liquidation of its Konkola Copper Mines on his visit to India
this week, a statement from the Zambian State House said.
* TRADE: President Donald Trump on Tuesday said he had to
confront China over trade even if it caused short-term harm to
the U.S. economy because Beijing had been cheating Washington
* ALUMINIUM: Xinfa Group, one of China’s top aluminum
producers, has shut down an aluminum production line after an
explosion at a plant in the northwestern Chinese region of
Xinjiang, according to a company source.
* OTHER METALS: Zinc, which hits its lowest since
October 2016 on Tuesday, gained 0.5% and aluminum added 0.2% on
a mixed LME complex, with nickel, lead and tin
all marginally lower.
* COLUMN: Tiny tin market sounds a recessionary warning
note: Andy Home
* For the top stories in metals and other news, click
* Asian shares fell as fresh worries about a global
recession led investors to dump risky assets.
DATA AHEAD (GMT)
1400 US Existing Home Sales July
1800 US Federal Open Market Committee releases the minutes
from its July 30-31 policy meeting
BASE METALS PRICES 0151 GMT
Three month LME copper 5725
Most active ShFE copper 46350
Three month LME aluminum 1785.5
Most active ShFE aluminum 14310
Three month LME zinc 2238.5
Most active ShFE zinc 18475
Three month LME lead 2059.5
Most active ShFE lead 16960
Three month LME nickel 15840
Most active ShFE nickel 123540
Three month LME tin 16470
Most active ShFE tin 131540
($1 = 7.0564 Chinese yuan renminbi)
(Reporting by Tom Daly; editing by Richard Pullin)