LME Copper Eases Amid Stronger Dollar, Hawkish Fed Prospects

Dow Jones09-24 16:26

0825 GMT - Copper prices ease from near-record levels amid a stronger dollar, volatile oil prices and expectations for a hawkish Federal Reserve. In early European trading, three-month LME futures are down 0.3% at $14,578 a metric ton, as some profit-taking emerged and participants appeared increasingly reluctant to add fresh long positions at elevated valuations. "With the upcoming Chinese holidays also likely to reduce market participation, liquidity should thin further, particularly during overnight trading hours," analysts at Sucden Financial say. Meanwhile, supply risks remain in focus, with union workers at Escondida--the world's largest copper mine in Chile--calling for a strike after rejecting a wage offer, according to ANZ. Other factors supporting prices include uncertainty around potential U.S. tariffs and tight sulphur availability in the Gulf.

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