Prices of base metals in London rose on Tuesday, backed by a softer dollar and improving risk sentiment following state-backed buying of Chinese stocks.
Three-month copper on the London Metal Exchange (LME) rose 0.7 percent to $8,416 per metric ton.
LME aluminum edged up 0.1 percent at $2,213.50, nickel increased 0.7 percent to $16,135, zinc advanced 0.8 percent to $2,440, lead climbed 1 percent to $2,134 and tin jumped 1.5 percent to $25,205.
The dollar slipped, making greenback-priced metals cheaper to holders of other currencies. However, it remained close to a three-month high on dwindling interest rate cut bets, keeping a lid on a price rally.
Meanwhile, stocks in top metals consumer China rebounded sharply, after the country’s state fund stepped up efforts to rescue the slumping market and the securities regulator vowed to crack down on malicious short-selling.
However, prices of base metals were mostly down in China, with the most-traded March copper contract on the Shanghai Futures Exchange (SHFE) down 0.7 percent at 68,170 yuan ($9,480.17) a ton.
Prices were pressured by slow trading and weak demand before the country enters a long public holiday to celebrate the Lunar New Year during Feb. 9-16.
