Copper prices remained stagnant on Wednesday as a stronger U.S. dollar offset supply disruptions and investors awaited more clues on the U.S. Federal Reserve’s future policy path.
Three-month copper on the London Metal Exchange was little changed at $8,189 per metric ton by 0408 GMT, while the most-traded December copper contract on the Shanghai Futures Exchange slid 0.4% to 67,370 yuan ($9,263.28) per ton. A stronger dollar typically weighs down metal prices as it makes it more expensive to buy the greenback-priced commodity.
Copper and cobalt produced by companies, including Glencore and CMOC, are stranded in Kolwezi, Democratic Republic of Congo (DRC), due to a truckers strike that started in late October. This has raised concerns of lower African imports in the near-term, according to a copper smelter.
In China’s spot market, copper premium rallied on low stocks, standing at 335 yuan a ton on Tuesday, close to a two-month high touched in late October. October refined copper production in the country was below expectations, assessed at 993,800 tons, down 1.8% from the prior month.
Other metal prices on the LME and SHFE showed mixed movements. LME aluminium gained 0.4% at $2,273.50 a ton, tin rose 0.7% to $24,730, zinc climbed 0.3% to $2,576, while lead slid 0.5% to $2,178, and nickel lost 0.2% to $17,870.
SHFE aluminium dipped 0.1% to 19,255 yuan a ton, lead shed 0.2% to 16,470 yuan, nickel fell 2.4% to 139,190 yuan, while tin added 0.4% at 209,690 yuan, and zinc ticked 0.1% up to 21,665 yuan.
