HANOI- Prices of nonferrous metals rose on Wednesday, supported by a softer dollar, although they were headed for a monthly drop due to weak demand from top consumer China.
Three-month copper on the London Metal Exchange was up 1.5 percent at $9,108 per metric ton, while the most-traded September copper contract on the Shanghai Futures Exchange climbed 0.8 percent to 74,100 yuan ($10,245.14) a ton.
The dollar index traded lower on Wednesday, making greenback-priced metals cheaper to holders of other currencies.
LME copper has lost 5.1 percent so far this month, and on track for its biggest monthly fall since May 2023.
Manufacturing activity in China slipped to a five-month low in July as factories grappled with falling new orders and low prices, pointing to a grinding second half for the world’s production powerhouse.
The manufacturing sector consumes a large volume of metals.
Physical demand needs to show up first for the market to know where the floor price is, said Guy Wolf, global head of market analytics at Marex, adding that the price rebound could be swift when Chinese buyers are happy to purchase.
LME aluminum rose 1.3 percent to $2,252.50 a ton, nickel jumped 2 percent to $16,385, zinc advanced 1.8 percent to $2,675.50, lead increased 1 percent to $2,055 and tin climbed 4.1 percent to $29,970.
