Copper rose to a four-week high on Tuesday, swept up in a wider commodity rally as the dollar fell against the euro and investors increased exposure in the asset class as a hedge against rising inflation.
Despite the positive finish, copper prices fell for a third straight month in May, hit by a severe shakeout in other commodities like silver and crude oil in the first two weeks of the month that rattled investor confidence and failed to allow prices to fully recover.
In New York, prices failed to match the earlier overseas strength. The July COMEX copper contract backed away from its own four-week high to end down 0.85 cent at $4.1775 per lb.
Copper's inverse relationship with the dollar aided in the metal's steadier start to the week, analysts said.
Aluminum hit its own four-week high of $2,682 per tonne, before closing up $52 at $2,677.
Lead was untraded at the close, but last bid at $2,521 a tonne from $2,505 a tonne.
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