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METALS-LME copper falls most in seven sessions on stronger dollar

MELBOURNE, Sept 17 (Reuters) - London copper fell by the most in seven sessions on Thursday as the dollar climbed after the U.S. Federal Reserve said it expected the post-coronavirus recovery to gain steam in the world’s largest economy.

FUNDAMENTALS

* LME COPPER: London Metal Exchange copper fell as much as 1.5% to $6,676 a tonne, before paring losses to trade at $6,693 a tonne by 0345 GMT, reversing gains from the previous session. Prices on Tuesday came within $1 of 26-month highs of $6,830 from the start of the month.

* SHFE COPPER: Shanghai Futures Exchange copper eased by 0.8% to 51,360 yuan ($7,579) a tonne, hitting its lowest in four sessions.

* OTHER METALS: LME nickel fell 1.5%, LME zinc slipped 1.3%, LME lead fell 0.7% and LME tin declined by 0.8%.

* U.S. POLICY: The Fed signaled on Wednesday it expected the U.S. economic recovery from the coronavirus crisis to accelerate, with unemployment falling faster than its forecast in June.

* DOLLAR: Following the Fed’s comments, the dollar index rose to a more than one-week high against its rivals, diminishing the buying power of commodity consumers paying with other currencies.

* COPPER: Freeport-McMoRan Inc does not want to be distracted by any buyout offers and is focused on expanding its Grasberg copper-and-gold mine in Indonesia and boosting cash flow, Chief Financial Officer Kathleen Quirk said on Tuesday.

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MARKETS NEWS

* Stocks fell and the dollar advanced after the Fed pledged to keep interest rates low for a long time but stopped short of offering further on stimulus to shore up a battered U.S. economy.

PRICES

Three month LME copper

Most active ShFE copper

Three month LME aluminium

Most active ShFE aluminium

Three month LME zinc

Most active ShFE zinc

Three month LME lead

Most active ShFE lead

Three month LME nickel

Most active ShFE nickel

Three month LME tin

Most active ShFE tin

ARBS ($1 = 6.7765 Chinese yuan) (Reporting by Melanie Burton; Editing by Subhranshu Sahu)

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