(Corrects headline, paragraph 1 to make clear milestone was in
HANOI, June 18 (Reuters) – London copper prices were set on
Friday for their worst week since March 2020, pressured by
China’s plan to sell reserves and a firm dollar buoyed by the
prospect of U.S. interest rate hikes.
Three-month copper on the London Metal Exchange fell
0.4% to $9,282 a tonne by 0149 GMT on Friday, down 7.2% so far
in the week.
The most-traded July copper contract on the Shanghai Futures
Exchange dropped as much as 2.9% to 67,110 yuan
($10,412.08) a tonne, its lowest since April 15 and also set for
a weekly drop.
The dollar was headed for its best week in nearly nine
months as investors have scrambled to price in a
sooner-than-expected ending to extraordinary U.S. monetary
stimulus in the days after a surprise shift in tone from the
A stronger dollar makes greenback-priced metals more
expensive and less appealing to holders of other currencies.
Earlier this week, top metals consumer China announced a
plan to sell state reserves of copper, aluminium and zinc, in an
effort to curb a strong price rally in commodities.
* LME aluminium fell 0.2% to $2,396 a tonne, while
nickel rose 1% to $17,350 a tonne. ShFE aluminium
dropped 1.3% to 18,475 yuan a tonne, zinc shed
2.7% to 22,020 yuan a tonne and lead declined 1.4% to
15,095 yuan a tonne.
* LME copper inventories <MCUSTX-TOTAL> rose to their
highest since April 28 at 143,750 tonnes.
* A party controls 50%-80% of available zinc stocks and
short-term futures, LME data showed. <0#LME-WHT>
* China will issue new rules on the management of price
indexes for commodities and services as the government steps up
scrutiny of the country’s commodity markets and battles to
* For the top stories in metals and other news, click
0600 UK Retail Sales MM, YY May
0600 UK Retail Sales Ex-Fuel MM May
($1 = 6.4454 yuan)
(Reporting by Mai Nguyen; Editing by Subhranshu Sahu)