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Non-Ferrous Metals Slide on Dollar Surge, Fading Rate Cut Hopes

16 Apr 2024 12:48 pm
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Mumbai 16 Apr (Commoditiescontrol): Prices for most non-ferrous metals declined Tuesday as the US dollar increased to a five-month high. This rise occurred after stronger-than-expected US retail sales data cast doubt on the timing and scale of potential interest rate cuts by the Federal Reserve. Copper, a key industrial metal, saw three-month contracts on the London Metal Exchange (LME) drop 0.4% to $9,542.50 per metric ton. On the Shanghai Futures Exchange (SHFE), June copper contracts increased slightly by 0.1% to 77,150 yuan a ton.

A stronger dollar typically makes dollar-denominated metals like copper more expensive for buyers using other currencies. Additionally, China's better-than expected first-quarter economic growth, while indicating potential demand for metals, also lessens the expectation of significant government stimulus measures. The tightening discount of LME cash copper to three-month contracts suggests near-term supply constraints. Other base metals also declined, with aluminium falling 0.1%, zinc dropping 1.2%, and lead decreasing 0.6%. Nickel remained largely unchanged, while tin saw a 0.8% increase.

(By Commoditiescontrol Bureau; +91-9820130172)

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