London aluminium, zinc on track for best week since January
Aluminium and zinc prices in London were heading for their biggest weekly gain since January, as a weaker dollar made greenback-priced metals cheaper to holders of other currencies.
The dollar hovered at 15-month lows after a steep dive in the previous session, as markets wagered the Federal Reserve was close to the end of its rate hike cycle due to easing inflation.
Three-month aluminium on the London Metal Exchange CMAL3 was almost unchanged at $2 279 per metric ton by 0706 GMT, and gained 6.3% on a weekly basis, on track for its best week since January 13.
"Macro remains key in driving the metals' prices. We expect the forward guidance from the Fed following the June meeting to set the tone for the central bank narrative until the end of the year," broker Sucden Financial said in a report.
"Once the peak rate is priced in by markets, we expect the focus to shift back to China to help guide the prices," it said.
China is the world's biggest metals consumer and its current weak demand has been weighing on prices.
LME zinc CMZN3 fell 1.2% to $2 450.50 per metric ton, but the contract is set for its best weekly performance since January 13, up 3.7%.
LME copper CMCU3 eased 0.3% to $ per metric ton. It was rising 3.6% on a weekly basis, on track for the best weekly gain since March 24.
LME nickel CMNI3 was almost flat at $21,300 per metric ton, lead CMPB3 dipped 0.7% to $2,112 and tin CMSN3 dropped 0.5% to $28 660.
The most-traded August copper contract on the Shanghai Futures Exchange SCFcv1 rose 1.2% to 69 290 yuan ($9 714.01) per metric ton, aluminium SAFcv1 advanced 0.3% to 18 300 yuan and zinc SZNcv1 increased 0.5% to 20 450 yuan.
SHFE lead SPBcv1 increased 0.7% to 15 740 yuan, but nickel SNIcv1 fell 1.2% to 166 200 yuan and tin SSNcv1 1.9% to 232 010 yuan.
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