London Copper is Stable, as Expectations of Lower Us Interest Rates Next Year Weighed on the Dollar


London copper prices (LME) were steady on Friday after a big jump the prior session as anticipates of decrease the United States (US) rates of interest next year weighed on the dollar.

By 02:42 GMT, the most traded January copper agreement on the SHFE SCFcv1 increased 1% to 68,740 yuan ($9,656.53) per metric tonne. While the 3-month copper on the LME CMCU3 was virtually unchanged at $8,555 per metric tonne.

London Metal Exchange (LME) copper Prices increased by 1.2% weekly and by the highest amount since January 9 on Thursday.

Because of mounting expectations of interest rates cuts in the United States (US) in 2024. The dollar sat near 4-month lows, making greenback-priced metals more affordable for holders of other currencies.

Lead CMPB3 raised 0.2% to $2,073, aluminium CMAL3 decreased 0.4% to $2,201, nickel CMNI3 decreased 0.6% to $16,875, and tin CMSN3 decreased 1.1% to $25,085. LME zinc CMZN3 raised 0.2% to $2,498.50 a metric tonne.

Weekly gains in LME aluminium were expected to be the largest since September 29.

The weekly increase in LME zinc was the highest since September 1. Lead has gained 2.3% so far this week and is poised to end a run of 3 consecutive weekly drops.

Zinc SZNcv1 surged 0.6% to 20,915 yuan, lead SPBcv1 increased 0.3% to 15,600 yuan, and tin SSNcv1 raised 0.4% to 209,160 yuan. SHFE aluminium SAFcv1 raised 1% to 18,750 yuan a metric tonne.

SHFE copper had a weekly gain of 1.4%, making it the best week since November 3. Aluminium has climbed 1.8% so far this week, on pace for its greatest weekly gain since September 1. After suffering three straight weeks of losses, Lead is expected to make progress this week.