London copper eased on the strength of the dollar

Nov. 24 (Reuters) – Copper edged down Wednesday as a strong dollar weighed on prices, with volumes expected to be weak as the Thanksgiving holiday approached in the United States.

Three-month copper on the London Metal Exchange was down 0.2% to $ 9,687.50 a tonne at 3:08 a.m. GMT, after hitting a nearly one-month high reached on Tuesday.

The most-traded copper contract in January on the Shanghai Futures Exchange fell 0.2% to 70,850 yuan ($ 11,087.64) per tonne.

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The dollar index remained stable after hitting a more than 16-month high on Tuesday as Federal Reserve Chairman Jerome Powell was appointed for a second term, fueling expectations of faster rate hikes. interest. Read more

A firmer dollar makes commodities denominated in US currency more expensive for buyers using other currencies.

LME warrant copper inventories edged up to 62,775 tonnes – the highest in more than six weeks, while the cash premium on the three-month contract fell to $ 94.50 per tonne, indicating that the nearby supply crunch has eased.

FUNDAMENTALS

* Chinese company Zijin Mining (601899.SS) announced Tuesday that its board of directors has approved a $ 769 million smelter investment for its Kamoa-Kakula copper project alongside Ivanhoe Mines (IVN.TO ) in the Democratic Republic of Congo (DRC).

* Aluminum ShFE edged down 0.3% to 19,130 ​​yuan per ton, nickel rose 0.4% to 151,900 yuan per ton, and zinc fell 0.3% to 23,550 yuan per ton. tonne.

* LME aluminum rose 0.1% to $ 2,671 per tonne, nickel rose 0.3% to $ 20,400 per tonne and lead gained 1% to $ 2,276 per tonne.

* For the best articles on metals and other news, click on or

MARKET NEWS

* Stock markets were choppy in early Asia, with trade rocked by rising US Treasury yields as well as volatile oil prices in the face of cooling price movements from the US and other countries.

DATA / EVENTS (GMT)

0745 France Business climate Mfg Nov

0900 Germany Ifo Business climate New Nov.

0900 Germany Ifo Exchange conditions New Nov.

0900 Germany Ifo Expectations New Nov

1330 US Durable Goods Oct.

1330 US GDP 2nd estimate Q3

1330 US Initial Jobless Clm Weekly

1330 US Adjusted consumption MM Oct

1500 US U Mich Sentiment Final Nov

1,500 units of new home sales in the United States in October

1900 The United States Federal Open Market Committee

publish the minutes of its political meeting of 2-3 November

($ 1 = 6.3900 Chinese yuan)

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Reporting by Eileen Soreng in Bangalore; edited by Uttaresh.V

Our Standards: Thomson Reuters Trust Principles.

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