The dollar rose modestly while copper traded
Posted by tjdetai on December 28th, 2015
The dollar rose modestly while copper traded in New Yorkand London, as investors braced for the outcome of a two-daypolicy meeting by the U.S. Federal Reserve. The Fed said after the meeting that the economy wasrecovering and left interest rates unchanged at record lows.[ID:nN23390829] That pushed the dollar to a new year-lowagainst the euro. Copper prices have more than doubled since the lows of thefinancial crisis last year.
The dollar's weakness had fueledmuch of the rally lately, as investors used stronger currenciesto buy the cheapening dollar-denominated metal. But with China scaling back heavy purchases now, copperprices may depend more on demand than currency factors, someanalysts said. "The big push higher is now starting to settle into atrading range," Edward Meir, a metals analyst at MF Global inNew York, said in his outlook for copper. Some analysts disagree with that. "I think you still have a very nicely trending inverserelationship between the dollar and copper, barring theoccasional break, and this rally has a lot more wind to it,"said Michael K. Smith, president of T & K Futures and OptionsInc. in Port St. Lucie, Florida.
That was also the view of Ralph Preston, analyst atHeritage West Futures in California. "The dollar looks verymuch like an apple ready to fall off a tree and I don't thinkthere's anything that going to be more influential to copperprices in the near future than that." Other key base metals traded on the LME also closed mostlydown. Aluminium MAL3, used in transport and packaging, endedat ,873 from ,889. Stocks of aluminium at LME warehousesdropped 4,250 tonnes but stood just below a record high above4.6 million tonnes. Zinc MZN3 closed at ,903 from ,946 and batterymaterial lead MPB3 ended at ,240 from ,289. Tin MSN3 closed unchanged at ,650.
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