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Higher dollar brings down copper

Bnamericas Published: Thursday, March 24, 2016
Higher dollar brings down copper

The price of copper fell for the fourth straight trading day in London on Thursday on the back of the continued rise of the US dollar, which was driven by speculation of a new hike in US interest rates.

Spot copper closed 2.56% lower at US$4,931/t (US$2.237/lb) on the London Metal Exchange from Wednesday's US$5,060.50/t (US$2.295/lb), according to Chilean state copper commission Cochilco.

The Wall Street Journal Index, which measures the greenback against a basket of 16 other currencies, was up 0.13% to 87.88 on Thursday afternoon.

"Industrial commodity prices have typically eased back in the past week in sympathy with other assets, as markets have reassessed the outlook for US interest rates and the dollar," said Capital Economics in a note.

Recent comments made by regional Federal Reserve presidents have indicated support for higher rates, which could come as soon as the Fed's next meeting in April.

Aluminum closed down 0.7% on Thursday at US$1,469.50/t and lead was 2.2% lower at US$1,755/t, while nickel fell 0.5% to US$8,580/t. Zinc was down 4.2% at US$1,777/t, tin was 0.3% higher at US$17,625/t and molybdenum was steady at US$12,200/t.

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