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Prices of base metals opened this week lower because of a stronger US dollar andon predictions that subdued demand will outweigh tight supply this year. Three-month copper on the London Metal Exchange (LME) CMCU3 lost 0.3% to $8,457 per metric ton by 0252 GMT, having shed 0.7% in the previous week.
The most-traded March copper contract on the Shanghai Futures Exchange SCFcv1 slid 0.4% to 68,530 yuan ($9,522.02) per tonne. Copper, often used as an economic bellwether, lost on the US Federal Reserve's remarks last week that pushed back on the idea of an interest rate cut as early as March.
And as traders clawed back bets for aggressive rate cuts by the Fed this year following strong data indicating its economic resilience, the dollar rose to an eight-week high against its major peers on Monday. A stronger dollar makes it more expensive for non-dollar holders to buy the greenback-priced commodity.
Base metals are in for a subdued 2024 with weak demand damping any bullish supply pressures. Only copper and aluminium are expected to see average higher prices this year and expected gains relative to 2023 are highly modest.
Spot trade in top consumer China slowed down recently as market participants gradually started the Lunar New Year holiday, which will officially kick off on Saturday.
LME zinc CMZN3 dipped 0.2% to $2,446.50 a tonne, lead CMPB3 dropped 0.8% to $2,128.50, tin CMSN3 declined 1% to $25,295, aluminium CMAL3 slid 0.5% to $2,222, and nickel CMNI3 lost 0.7% to $16,115.
SHFE aluminium SAFcv1 declined 0.9% to 18,730 yuan a tonne, nickel SNIcv1 fell 2.1% to 124,000 yuan, zinc SZNcv1 dropped 0.9% to 18,730 yuan, tin SSNcv1 was down 2.2% to 210,460 yuan and lead SPBcv1 dipped 0.2% at 16,180 yuan.
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