Indonesian rupiah down 1 pct on month-end corporate dlr demand

 

SINGAPORE, Sept 25:  The Indonesian rupiah fell 1 percent on Wednesday, close to a 4-1/2 year low, due to increasing dollar demand from domestic companies for month-end payment, traders said.

The rupiah fell to 11,575 per dollar, compared with Tuesday’s low of 11,580, its weakest since April 2009.

The Indonesian currency closed the previous session at 11,460. (AGENCIES)

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12.NB

London copper steadies after 3-day

fall, China demand supports

SINGAPORE, Sept 25:

London copper steadied on Wednesday, snapping three sessions of losses as steady buying from top consumer China buoyed prices.

FUNDAMENTALS

* Three-month copper on the London Metal Exchange  had edged up 0.17 percent to $7,160 a tonne by 0119 GMT, after dropping 1.4 percent the session before.

* Copper hit its lowest in four sessions on Tuesday at $7,117.25 a tonne. That was down from nearly four week highs of $7,368 a tonne struck last week in the wake of the Federal Reserve’s surprise decision to maintain its massive economic stimulus for now.

* London copper has traded in a broader $7,000-$7,500  band since early August.

* The most-traded December copper contract on the  Shanghai Futures Exchange slipped 0.54 percent to 51,660 yuan ($8,400) a tonne on Wednesday.

* U.S. Home prices slowed their rate of gains in July and a dip in consumer confidence this month underscored the potential for higher borrowing costs and a sluggish economy to dent a housing market recovery.

* An influential Fed policymaker said he ‘certainty  wouldn’t want to rule out’ a reduction in the U.S. Central bank’s bond-buying programme later this year, adding the Fed expected slower economic growth now than it did in June.

* China’s central bank conducted its largest one-day fund injection in seven months on Tuesday, easing fears of quarter-end cash crunch such as the one that roiled global markets in late June.

* Newmont Mining Corp is open to adding more copper production to its core gold business, the company’s CEO said on Tuesday, as the biggest U.S. Gold miner, along with its peers, seeks to revamp operations in a tough environment.

* For the top stories in metals and other news, click, or

MARKETS NEWS

* Asian shares slipped and the dollar inched higher in  early Asian trade on Wednesday, as uncertainty about the Fed’s policy outlook made investors hesitant to take aggressive positions.

* The euro was on the defensive on Wednesday following weaker-than-expected German sentiment data, while worries over a possible U.S. Government shutdown underpinned the yen against the dollar.

DATA/EVENTS (GMT)

0600 Germany GfK consumer sentiment

1230 U.S. Durable goods orders

1400 U.S. New home sales

1600 Federal Reserve issues quarterly flow of funds accounts

PRICES

Three month LME copper

Most active ShFE copper

Three month LME aluminium

Most active ShFE aluminium

Three month LME zinc

Most active ShFE zinc

Three month LME lead

Most active ShFE lead

Three month LME nickel

Three month LME tin

($1 = 6.1210 Chinese yuan)

 

(AGENCIES)