Copper dropped for a second day, pacing declines in base metals, as the dollar strengthened on speculation that Japan will expand stimulus measures and on concern that the European debt crisis will be extended.
Copper for three-month delivery on the London Metal Exchange fell as much as 0.5 percent to $8,024 a metric ton and traded at $8,028 at 12:19 p.m. Singapore time. Futures for December-delivery on the Comex in New York lost as much as 0.5 percent to $3.646 a pound. The Shanghai Futures Exchange is closed till Oct. 7 for the National Day holiday.
Copper fell as “a stronger U.S. dollar and concerns that Europe’s major banks are undercapitalized resurfaced,” Mark Pervan, senior commodity strategist at Australia and New Zealand Banking Group Ltd., wrote in a note today.
The dollar strengthened for a second day against a six- currency basket including the yen and euro. Economists said the Bank of Japan may announce more steps to ease credit at the end of a two-day policy meeting today. A panel appointed by the Swiss government said UBS AG and Credit Suisse Group AG should almost double the capital required under Basel III rules.
The economies of Europe, Japan and the U.K. will have trouble picking up, according to Pacific Investment Management Co., which runs the world’s biggest mutual fund. The Federal Reserve will probably increase Treasury purchases to revive a U.S. economy that is almost stalled, Paul McCulley, a portfolio investor at Pimco, wrote on the company’s website.
Aluminum in London fell 0.8 percent to $2,345 a ton, zinc dropped 0.5 percent to $2,220 a ton, and lead was unchanged at $2,277 a ton. Nickel declined 1 percent to $23,900 a ton and tin tumbled 1.4 percent to $24,850 a ton.
To contact the reporter on this story: Glenys Sim in Singapore at Gsim4@bloomberg.net
To contact the editor responsible for this story: James Poole at jpoole4@Bloomberg.net
http://jodnet.blogspot.com
Copper for three-month delivery on the London Metal Exchange fell as much as 0.5 percent to $8,024 a metric ton and traded at $8,028 at 12:19 p.m. Singapore time. Futures for December-delivery on the Comex in New York lost as much as 0.5 percent to $3.646 a pound. The Shanghai Futures Exchange is closed till Oct. 7 for the National Day holiday.
Copper fell as “a stronger U.S. dollar and concerns that Europe’s major banks are undercapitalized resurfaced,” Mark Pervan, senior commodity strategist at Australia and New Zealand Banking Group Ltd., wrote in a note today.
The dollar strengthened for a second day against a six- currency basket including the yen and euro. Economists said the Bank of Japan may announce more steps to ease credit at the end of a two-day policy meeting today. A panel appointed by the Swiss government said UBS AG and Credit Suisse Group AG should almost double the capital required under Basel III rules.
The economies of Europe, Japan and the U.K. will have trouble picking up, according to Pacific Investment Management Co., which runs the world’s biggest mutual fund. The Federal Reserve will probably increase Treasury purchases to revive a U.S. economy that is almost stalled, Paul McCulley, a portfolio investor at Pimco, wrote on the company’s website.
Aluminum in London fell 0.8 percent to $2,345 a ton, zinc dropped 0.5 percent to $2,220 a ton, and lead was unchanged at $2,277 a ton. Nickel declined 1 percent to $23,900 a ton and tin tumbled 1.4 percent to $24,850 a ton.
To contact the reporter on this story: Glenys Sim in Singapore at Gsim4@bloomberg.net
To contact the editor responsible for this story: James Poole at jpoole4@Bloomberg.net
http://jodnet.blogspot.com
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