Copper consolidates, lead sees profit-taking
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London Metal Exchange Copper eased on Friday as stocks rose and the market consolidated, while lead prices fell on profit-taking after hitting a new record high in the previous session.
Three-months copper was indicated at $8,040/8,050 a tonne, down $40 from the previous session’s close.
Lead for delivery in three months shed $65 or 1.7 per cent to $3,770/3,790.
AWAITS US DATA
“We expect over the next several days metals prices could largely track the market’s response to US economic data and the implications on monetary policy,” a Deutsche Bank report said.
Investors will watch September US retail sales and producer prices at 1230 GMT for clues about the health of the world’s largest economy.
Economists expect retail sales to have risen 0.2 per cent, after a 0.3 per cent increase in August. Any number much weaker than that could revive expectations for a rate cut this month, analysts said.
“We believe there is likely already a certain October Fed-cut premium embedded in metals prices, so a reversal in market expectations could pressure prices lower in the near-term,” Deutsche Bank said. Three-months aluminium was up $4 to $2,474/2,479, tin was flat at $15,900/16,000, zinc fell $5 to $3,070/3.080 and nickel gained $250 to $32,150/32,350.
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Source : Business Line |
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