Copper prices continue to decline today, heading towards the weekly loss. The strength of the dollar put pressure on the decline in copper prices.
Three-month copper on the London Metal Exchange fell 0.5% at 08.05 CET, continuing the previous day's loss at $9,738/ton.
On the Shanghai Futures Exchange, copper for March delivery fell 0.3% to 70,310 yuan/ton ($11,067).
The US dollar headed for its best week in seven months today after breaking key levels against the euro as the Fed priced in aggressive one-year rate hikes.
Iron ore in Dalian poised for best performance in six weeks as demand optimism in China
Iron ore futures in Dalian are up more than 4% today, heading towards their best weekly performance since mid-December. Iron ore prices were supported by a combination of hopes that China's accelerated monetary easing will boost demand and concerns about tight supply expectations.
Iron ore for May delivery on the Dalian Commodity Exchange rose 4.1% to 802 yuan/t ($126.22), its strongest level since October 13. Iron ore for March delivery on the Singapore Exchange rose 4.1% to $143.20/t.
Analysts, evaluating Chinese President Xi Jinping's words that "reducing emissions, reducing productivity and making no emissions", noted that it ignited hopes for a revival in demand after the Winter Olympics.
On the Shanghai Futures Exchange, rebar rose 1.8%, hot rolled coil 1.7% and stainless steel 0.4%.
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