MELBOURNE, Mar 19: London copper opened up by more than one percent on Thursday, from a one-month low in the previous session, as a soft dollar absorbed the fallout from a U.S. economic growth downgrade.
FUNDAMENTALS
* Three-month copper on the London Metal Exchange climbed by 1.2 percent to $5,740 a tonne by 0105 GMT, paring 2 percent losses from the previous session when prices touched their weakest since Feb. 17 at $5,621.50 a tonne. * The most-traded May copper contract on the Shanghai Futures Exchange traded down 0.7 percent to 41,800 yuan a tonne, having notched up 2 percent losses in the early session. * Other metals also rallied off multi-year and -month lows, with nickel, zinc and lead posting gains of one percent or more. LME aluminium also climbed 1 percent. * The Federal Reserve on Wednesday moved a step closer to hiking rates for the first time since 2006, but downgraded its economic growth and inflation projections, signalling it is in no rush to push borrowing costs to more normal levels. * A majority of Wall Street’s top banks now see the Federal Reserve holding off until at least September before raising interest rates.
* The Japanese-owned Caserones copper mine in northern Chile has been fined $11.9 million for breaching environmental rules, Chile’s environmental regulator said on Wednesday. * For the top stories in metals and other news, click or MARKETS NEWS
* The dollar nursed punishing losses in Asia on Thursday after investors priced in a later start and a slower pace for future U.S rate rises, slashing Treasury yields and firing up Wall Street stocks.
(AGENCIES)
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