ASIAN PRICE WRAP: Copper pulls back as dollar strength, financing demand weigh

Copper prices went lower in Asian trading hours on Tuesday March 31, as the US dollar strengthened and diminishing financing appetite weighed on the market.

On the Shanghai Futures Exchange (SHFE), the most-traded June copper contract lost 480 yuan ($79) to end at 43,350 yuan per tonne for the session. “A stronger dollar contained commodities’ advances, base metals seemed to have shrugged off the bullish news of China’s loosening housing polices yesterday,” a Shanghai-based analyst said. The US Dollar index rallied further on Tuesday, adding to previous gains to 98.32 at 07:30 UK time. “Returns on copper financing are being further squeezed by banks’ tightening credit, lacklustre performance in the copper market itself...

Published

Carol Lu

March 31, 2015

11:00 GMT

Shanghai