Copper prices were set for their first quarterly loss in six quarters, as the prospect of the US Federal Reserve scaling back its pandemic stimulus pressured the metal used to gauge global economic health.
The most-traded November copper contract on the Shanghai Futures Exchange was down 0.9 percent at 68,030 yuan a ton, and dipped 0.1 percent on a quarterly basis, on track for its first fall since the quarter ended March 2020.
Three-month copper on the London Metal Exchange edged up 0.1 percent to $9,168 a ton, but lost 2.2 percent so far this quarter and was also set for the first quarterly fall since March 2020.
A key focus of financial markets in the third quarter has been talks of policy tightening in the United States, which also boosted the dollar and made greenback-priced metals more expensive to holders of other currencies.
ShFE tin, despite falling 1.4 percent to 270,660 yuan a ton, was on track for its best quarter on record, up 30.9 percent. LME tin was set for its sixth straight quarterly gain.
Aluminum prices in both London and Shanghai were on track for their sixth straight quarterly gain, as supply disruptions and solid demand boosted appetite for the metal used in products from food cans to plane parts.
Zinc prices on both exchanges were also set for their sixth quarterly gains. — Reuters
