METALS-London copper hangs at three-month low on dollar pressure

jueves 19 de mayo de 2016 03:45 GYT
 

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By Melanie Burton

MELBOURNE, May 19 (Reuters) - London copper fell on Thursday to within a whisker of its weakest since February, pushed down by a stronger dollar after the U.S. Federal Reserve signalled a possible rate hike as soon as next month.

Fed officials felt the U.S. economy could be ready for another interest rate increase in June, according to minutes from the central bank's April policy meeting.

The dollar struck its strongest since March against a basket of currencies during Asian trading on Thursday, making metals more expensive for buyers paying with other currencies.

"Macro policymakers are driving direction in the metals markets at the minute," said analyst Daniel Morgan at UBS in Sydney.

"At the margin, you are going to see less support from China. Property data has been very strong but it's likely to moderate from now to year-end, and seasonal factors will start to fade. You are potentially going to see some range-trading in the short to medium term."   Continuación...