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SINGAPORE, July 8 (Reuters) – Copper prices were reduced on Monday by stockpiling, against a stable dollar backdrop, after strong data on US jobs helped moderate expectations for the dollar. 39, an aggressive rate reduction by the Federal Reserve.
US employment growth rebounded sharply in June, with payrolls up 224,000 last month and higher than the consensus of 160,000 economists, with public sector employment increasing the most. 10 months and the resumption of employment in construction and manufacturing.
Strong data helped the US dollar stabilize around its highest level since June 19. A stronger dollar makes US dollar denominated metals more expensive to import using other currencies.
Copper stocks in London Metal Exchange (LME) approved warehouses reached their highest level in 13 months at 302,975 tonnes, data released last week showed. MCUSTX TOTAL
Three-month copper on the London Metal Exchange was down 0.2% at $ 5,892 per tonne at 0201 GMT, while the most traded copper contract on the Shanghai Futures Exchange (ShFE) was unchanged at 46,420. yuan ($ 6,736.52) per tonne.
FUNDAMENTALS
* Differences between spot zinc and the three-month CMZN0-3 contract tipped at a discount of $ 3 per tonne on Friday after being held in the premium zone for nearly five months, suggesting greater availability of nearby supply.
* ShFE zinc reached 19,265 yuan per tonne, its lowest level in six months, while the decline in LME stocks during the previous session had raised growing concerns over supply. LME zinc, however, rebounded 0.3% after hitting its lowest level since Jan. 3.
* Tsingshan and other companies investing in an electric vehicle battery chemical plant in Indonesia will have to pay much more than the estimated $ 700 million last year, three sources close to the case said.
* Indonesian exports of refined tin increased 36 percent year-on-year to 7,620.9 tons in June, according to Ministry of Commerce data released on Friday.
* ShFE tin increased 1.9%, while nickel jumped 1.5% and aluminum dipped 0.2%. LME aluminum rose slightly by 0.1%, nickel by 0.2% and tin by 0.8%.
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MARKET NEWS
* Asian stocks slid as investors pressed for less aggressive policy easing in the United States, while the Turkish lira remained at its lowest level two weeks after the country's president sacked the governor of the country. his central bank this weekend.
DATA / EVENTS
0600 Germany Industrial production MM May
Bank of Japan Governor Haruhiko Kuroda Speaks
speech at the quarterly meeting of Regional Directors
PRICES
LME copper three months
ShFE Copper Most Active
LME three months in aluminum
Most active ShFE aluminum
LME zinc three months
The most active ShFE zinc
Three months ahead on the LME
Most active ShFE lead
LME nickel three months
Most active nickel ShFE
Three month box LME
ShFE Pewter the most active
ARBS ($ 1 = 6.8908 Chinese yuan)
Reporting by Mai Nguyen, edited by Sherry Jacob-Phillips
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