METALS-Copper hits over 4-month low on firm dollar


Oct 3 (Reuters) - Copper prices in London fell to their lowest in more than four months on Tuesday as a firm dollar made metals priced in the greenback more expensive to holders of other currencies.

Three-month copper on the London Metal Exchange CMCU3 shed as much as 0.6% to $8,005.50 per metric ton, the lowest since May 26, while lead CMPB3 hit a five-month low at $2,137.50 a ton.

The dollar held on to fresh highs after strong U.S. economic data bolstered the view that the Federal Reserve will keep interest rates higher for longer.

Copper inventories in LME-registered warehouses MCUSTX-TOTAL rose to 169,300 tons, the highest since May 2022. The most recent increase was in warehouses in the United States and Taiwan.

LME lead stockpiles MPBSTX-TOTAL were last at 78,325 tons, the highest since June 2021, with most inflows into warehouses in Taiwan and South Korea.

Data from the COMEX showed money managers were net short 21,220 copper contracts on Sept. 26, the biggest since May 30, as short positions shot up to 77,276 contracts, the highest since March 2020.

LME aluminium CMAL3 declined 0.3% to $2,313 by 0227 GMT, zinc CMZN3 dropped 1.2% to $2,570.50, while nickel CMNI3 rose 1.3% to $19,000 a ton and tin CMSN3 climbed 1.2% to $23,780.

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0330 Australia RBA Cash Rate Oct

(Reporting by Mai Nguyen in Hanoi; Editing by Sohini Goswami)

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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