BS: Copper May Fall in London as Dollar Rebounds, Eroding Demand
Aug. 23 (Bloomberg) -- Copper, little changed in London today, may fall for a third day as the dollar rebounds, trimming demand for industrial metals as an alternative investment.
The U.S. Dollar Index, a six-currency gauge of the greenback’s strength, erased a decline of as much as 0.3 percent. Gains by the dollar make metals priced in the currency more expensive in terms of other monies.
Copper for three-month delivery dropped $15, or 0.2 percent, to $7,240 a metric ton at 9:04 a.m. on the London Metal Exchange. Futures for December delivery fell 0.4 percent to $3.2985 a pound on the Comex in New York.
Aluminum rose on the LME. Lead, zinc, tin and nickel dropped.
--Editors: Dan Weeks, Tony Barrett.
To contact the reporter on this story: Chanyaporn Chanjaroen in London at cchanjaroen@bloomberg.net.
To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net
