Copper price drops ahead of Powell’s speech

By Zandi Shabalala

LONDON, Aug 27 (.) – The price of copper fell slightly on Thursday, awaiting signals from Federal Reserve Chairman Jerome Powell later in the day and rising tensions between states. States and China.

Investors are betting the central bank will introduce a new policy framework next month to combat stubbornly low inflation, a move that could further weaken the dollar and boost commodities.

* “The market is on fire before Powell’s speech,” said Ole Hansen, an analyst at Saxo Bank.

* The dollar index , which compares the greenback to a basket of six prominent currencies, was trading close to the two-year low hit last week, helping to support copper and other commodities.

* At 1130 GMT, benchmark copper on the London Metal Exchange (LME) it was down 0.2% at $ 6,577 a ton, close to the two-year high of $ 6,707 hit a week ago.

* In other base metals, nickel in the LME it hit its highest since November, up 1.5%, at $ 17,810 a ton; the aluminum it was trading stable at $ 1,779; zinc it was up 0.5% at $ 2,479; The Lead it was down 0.3% to $ 1,972; and the tin it was up 0.8% at $ 17,695.

* To view base metal futures prices:

– COPPER

– LEAD

– TIN

– NICKEL

– ALUMINUM

– ZINC

(Additional reporting by Mai Nguyen; edited in Spanish by Carlos Serrano)