Forex
Dollar Weakens Amid Rising Base Metals and Inflation Concerns
The US dollar weakened slightly on September 22, falling 0.07% to 100.36.
In contrast, most base metals in the domestic market rose, with SHFE copper leading the charge at 1.46%. SHFE aluminum was a notable exception, dropping 0.14%.
Copper premiums in North China saw a significant increase, rising to 980-1,120 yuan/mt against the front-month contract, up 430 yuan/mt from the previous day.
US Federal Reserve officials Goolsbee and Musalem expressed concerns over inflation, with Musalem stating that further rate hikes may be necessary to curb it. The RBNZ Governor Berman also noted persistently higher oil prices could push near-term inflation above expectations.