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| Commodity News |
| HeadLine : |
Copper steady as dollar flattens |
| Date : |
Jul 28 2017 |
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Copper prices drifted in early Asian trading on Friday with little movement in currency markets, a key driver over recent sessions."We're seeing a flat dollar and that's likely to keep things light," said a commodities trader in Perth, Australia.Copper hit a two-year high earlier this week at $6,400 a tonne as the dollar tracked lower, making dollar-denominated metals cheaper for investors using other currencies.
* LME COPPER: Three-month copper on the London Metal Exchange was little changed at $6,329 a tonne by 0134 GMT after trading flat in the previous session.
* SHANGHAI COPPER: The most-traded copper contract on the Shanghai Futures Exchange was flat at 50,150 yuan ($7,438) a tonne.
* GLENCORE: Glencore cut its 2017 output targets after changes in what it extracts at some of its mines, rainfall and maintenance hit production in the first half of the year.
* CHINA ALUMINIUM: Cutbacks by Chinese authorities of illegal capacity at aluminium smelters, which have lifted prices this year, are slowing and may be reversed,
* CHINA DATA: Activity in China's factory sector is expected to have grown again in July, with only a slight slowdown from June's three-month high suggesting momentum in the economy remains strong despite a tighter policy environment. The PMI data is due on July 31 at 0100 GMT.
* COPPER FORECAST: Chilean state copper commission Cochilco forecast average global copper prices of $2.64 per pound in 2017, a slight upward revision from $2.60 previously, due to greater demand in China, a key market.
Source: Reuters
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