Copper and aluminum declined on concern that an aid package for Greece won’t stop its deficit crisis from spreading, boosting the dollar. Lead, nickel and zinc also dropped.
Three-month delivery copper on the London Metal Exchange dropped as much as 1.4 percent to $7,699 a metric ton, and traded at $7,724 at 3:34 p.m. in Shanghai. Aluminum lost as much as 0.9 percent to $2,295 a ton.
There will be no decision on aid for Greece until the International Monetary Fund works out a plan of cuts with the government in Athens, German Chancellor Angela Merkel said yesterday, boosting the U.S. currency. The dollar also rebounded on speculation that the Federal Reserve is moving closer to withdrawing stimulus as the U.S. economy recovers.
“The uncertainties in the Greek situation may prompt investors to continue seeking refuge in safe-haven assets such as the dollar,” Yan Wei, an analyst at Huazheng Futures Co., said from Shanghai. A stronger dollar can reduce demand for commodities denominated in the U.S. currency.
Speculation that the Fed may change its tone regarding record-low interest rates was boosting prospects for a stronger dollar, Yan said. A two-day meeting of the policy-setting Federal Open Market Committee starts tomorrow.
Lead retreated 1.7 percent to $2,318 a ton, zinc dropped 1.5 percent to $2,403 a ton and nickel declined 1.5 percent to $26,760 a ton. Tin dropped 0.5 percent to $19,051 a ton at 3:36 p.m. in Shanghai. more...
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