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- Dubai 05:30 06:49 12:14 15:11 17:33 18:52
Copper in London fell to the lowest price in 10 weeks as the dollar's rally and China's limits on bank lending reduced metals' appeal.
The contract for three-month delivery on the London Metal Exchange declined as much as 2.2 per cent to $6,600 a tonne, the lowest level since November 16. The metal posted the biggest monthly drop since December 2008 last week. London zinc, lead and tin hit multi-month lows and Shanghai copper tumbled the daily limit.
The May-delivery contract on the Shanghai Futures Exchange tumbled by the five per cent daily limit from the previous settlement price to Y53,360 a tonne, the lowest price since November 19. It closed two per cent down at Y54,470. "The dollar's rally and China's tightening are a double whammy to the copper market, which may continue a downward correction for another two months," Jing Chuan, a trader at Great Wall Futures, said in Shanghai yesterday.
China's manufacturing grew in January at the second-fastest pace since 2008, figures from the Federation of Logistics and Purchasing showed yesterday. The Purchasing Managers' Index dropped more than economists forecast to a seasonally adjusted 55.8 in January from 56.6 in December. A number above 50 indicates an expansion.
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