Copper prices in London retreated from a six-week high yesterday as the dollar strengthened after the US Federal Reserve's expectation of an early interest rate hike.
Three-month copper on the London Metal Exchange was traded at $9,725/ton, down 0.4% at 06.30 CET. The contract hit $9,812 yesterday, its highest level since November 25.
On the Shanghai Futures Exchange, copper for February delivery rose 0.6% to 70,210 yuan/ton ($11,019).
In the LME, aluminum fell 0.1% to $2,837.5/tonne, nickel fell 0.7% to $20,980/t, lead fell 0.2% to $2,293/t, tin was flat to $39,195/t and zinc 0%. It fell 8 percent to $3,575/tonne.
Iron ore increased in narrow gap market
Iron ore futures were up in today's trading, but trading was in tight range. Restocking demand pushed spot prices above a one-week high in China despite renewed steel production controls in Tangshan city.
On the Dalian Commodity Exchange, iron ore for May delivery rose 0.5% to 683 yuan/t ($107.19) after hitting 696.50 yuan/t, the highest level since December 27. Iron ore for February delivery was trading flat at $122.30/ton on the Singapore Stock Exchange.
62% grade spot iron ore from Australia hit $123.50/t yesterday, the highest level since December 27.
On the Shanghai Futures Exchange, rebar rose 1.7%, while hot rolled coil rose 2.1%.
In his note, the JP Morgan analyst said that they expect more restrictive policy in the real estate sector, along with quotas for emissions-intensive industries, especially steel, to suppress steel demand.
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