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  • Feb 2nd, 2005
  • Comments Off on Metals lower, wary of dollar rise
Base metals prices fell by the close of open-outcry trading in London on Tuesday as a firming dollar prompted profit-taking before a decision on US interest rates, analysts said. "The market is coming off steadily in line with the stronger dollar," Standard Bank London analyst Robin Bhar told Reuters. By the end of kerb trading on the London Metal Exchange three month copper futures had fallen 1.3 percent, with other metals also under pressure.

"The market is manoeuvring ahead of tomorrow's Fed decision. The dollar is key to our sector, even though supply tightness is providing support," Bhar said.

At 1700 GMT the euro was $1.3013, down 0.2 percent from late US trade on Monday. Against the yen, the dollar appreciated 0.2 percent.

A firmer greenback makes dollar-denominated base metals more expensive for holders of other currencies.

"Much of the business is low key and routine, with people waiting until a possible reaction in the dollar after the Fed meetings," a trader said. Bhar said economic data from the United States was upbeat and the Federal Reserve on Wednesday was likely to continue its policy of gradual interest rate rises.

He added jobless data on Friday would also play a key role in directing sentiment, suggesting underlying strength in the US economy and increasing the likelihood of further interest rate rises.

Mining shares propelled European equity market higher.

Miners Rio Tinto and BHP Billiton gained 3 percent each after brokerage Smith Barney forecast strong earnings growth in the industry. The FTSEurofirst index of pan-European blue chips was 0.66 percent stronger at an unofficial close of 1,068.8 points, its highest level since mid-2002.

Copper ended $41 lower at $3,041 a tonne.

Cash to three months spreads narrowed slightly to $170/72 backwardation at the close from $185/195 at the start of European trade.

Aluminium was at $1,845, down $4, supported by $13/16 cash/threes backwardation. Zinc was at $1,291.50, down $6.50, after touching $1,300, while lead was at $927, down $9. Nickel was steady at $14,525.

Copyright Reuters, 2005


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