off-the-wire

METALS-Most base metals rise as dollar weakens ahead of Powell's testimony

Kitco Media
By Reuters
Published:
Updated:
Reuters
March 7 (Reuters) - Prices of most nonferrous metals climbed on Tuesday, as a softer U.S. dollar made the greenback-priced commodity cheaper for holders of other currencies. The dollar was subdued ahead of a testimony later in the day by Federal Reserve Chair Jerome Powell, which could influence the U.S. central bank's interest rate policy.


Three-month copper on the London Metal Exchange rose 0.6% to $8,970 a tonne by 0223 GMT, and the most-traded April copper contract on the Shanghai Futures Exchange increased 0.3% to 69,730 yuan ($10,054.36) a tonne. LME aluminium was up 0.3% at $2,388 a tonne, zinc advanced 0.7% to $3,054 a tonne, tin edged up 0.1% at $24,575 a tonne, while lead fell 0.5% to $2,113 a tonne. SHFE nickel rose 0.9% to 191,090 yuan a tonne, zinc increased 0.6% to 23,500 yuan a tonne, tin was up 0.3% at 200,100 yuan a tonne, while lead fell 0.1% to 15,270 yuan a tonne. Global aluminium producers have offered Japanese buyers premiums of $125-$145 per tonne for April-June primary metal shipments, up 45%-71% from this quarter, five sources told Reuters. The offers, if agreed by buyers, would mark the first increase in six quarters and the highest level since the October-December quarter in 2022, reflecting a view from producers that demand from automakers is set to pick up. For the top stories in metals and other news, click or DATA/EVENTS (GMT) 0300 China Exports, Imports YY Feb 0300 China Trade Balance Feb 0330 Australia RBA Cash Rate March 0700 UK Halifax House Prices MM, YY Feb 0745 France Reserve Assets Total Feb 0800 Germany Industrial Orders MM Jan 0800 Germany Manufacturing O/P Cur Price SA Jan 0800 Germany Consumer Goods SA Jan
($1 = 6.9353 yuan) (Reporting by Mai Nguyen in Hanoi; Editing by Sherry Jacob-Phillips)

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