Copper edges up

Copper prices in London edged up on Tuesday, as a weak dollar kept greenback-priced metals cheaper to holders of other currencies, but weak Chinese economic data weighed on sentiment.

Three-month copper on the London Metal Exchange rose 0.1 percent to $8,497.50 per metric ton, having lost 2.1 percent in the previous session, its biggest decline in more than three weeks.

The dollar index wobbled near its one-year low, as investors awaited fresh catalysts to gauge if the currency has further downside risk in the wake of cooler-than-expected US  inflation.

But a series of weak economic data from top metals consumer China dented appetite for copper, which is often used as a measure of global economic health.

However, the Chinese state planner said on Tuesday it will roll out policies on consumption recovery and expansion, boost automobile and electronics demand and increase household income, which could eventually help metals demand.

The most-traded August copper contract on the Shanghai Futures Exchange fell 0.9 percent to 68,580 yuan ($9,564.85) per metric ton, tracking overnight losses in London.

LME aluminum rose 0.1 percent to $2,257.50 per metric ton, nickel increased 0.3 percent to $21,125, lead advanced 0.1 percent to $2,102, tin was up 0.1 percent at $28,400 while zinc eased 0.2 percent to $2,406.50.

spot_img
Previous article
Next article

Share post: