SINGAPORE, July 8: London copper slipped today after a rosier than expected US labour report raised expectations the US Federal Reserve would scale back its economic stimulus as early as September, dimming the demand outlook for copper.
FUNDAMENTALS
* Three-month copper on the London Metal Exchange edged down 0.3 percent to $6,767 a tonne by 0212 GMT, extending losses from the previous session when it fell by more than two percent.
* The most-traded November copper contract on the Shanghai Futures Exchange fell 1.6 percent to 48,890 yuan ($8,000) a tonne.
The U.S. Federal Reserve is likely to begin shrinking the size of its debt purchase program, intended to prop up economic growth and support the labor market, by September of this year, according to a majority of economists at large Wall Street firms.
* China’s Finance Ministry has told central government agencies to cut expenditures by 5 percent this year, a move the official Xinhua news agency said was part of an austerity campaign launched by the country’s new leaders.
* Hedge funds and money managers boosted a net short position in copper futures and options in the week to June 25, a report by the Commodity Futures Trading Commission (CFTC) showed on Friday.
* For the top stories in metals and other news, click
, or
MARKETS NEWS
* Japanese shares rose on Monday and the dollar hit a three-year high against a basket of major currencies after U.S. Job creation accelerated in June, signalling growth in the world’s largest economy is gathering momentum.
* The U.S. Dollar hit a fresh three-year high against a basket of major currencies in Asia on Monday as market expectations grew that the Federal Reserve will scale back stimulus as early as September following solid jobs growth. (AGENCIES)
Follow our WhatsApp channel