Metals drop on higher dollar; traders weigh China lending help
me-metals: Industrial metals declined as the dollar pushed higher, with traders digesting news that Chinese banks cut their benchmark lending rates as part of Beijing’s push to ensure its economy meets growth targets for this year.
According to me-metals cited from mining.com, A gauge of strength of the greenback was up about 0.4% and touched the highest since early August. That’s made commodities including base metals less appealing for investors holding other currencies.
Copper and zinc advanced earlier after reductions in two key rates at Chinese banks. The cuts were larger than economists had expected, and they followed the central bank cutting its key policy rate in September.
China’s top leadership had called for lower interest rates and stronger measures to aid the ailing property market, a key source of demand for metals like steel, copper and zinc.
Industrial commodities have had a volatile few weeks as investors reacted to a flurry of Chinese government announcements on steps to aid the economy and help it reach the 5% growth target for this year.
Copper fell 0.8% to $9,552 a metric ton by5:08 p.m. local time on the London Metal Exchange, while zinc slipped 0.7% and aluminum was down 0.6%.
source: mining.com
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