London copper prices eased on Tuesday, as a firmer US dollar made greenback-priced metals more expensive for buyers holding other currencies.
Three-month copper on the London Metal Exchange edged down 0.2% to $7,565.50 a tonne by 0231 GMT and aluminium fell 0.4% to $2,252 a tonne.
The dollar gained as strong US labour data and expectation of data due on Thursday showing stubbornly high inflation have cemented hopes that interest rates would remain high though 2023.
LME zinc declined 0.1% to $2,960.50 a tonne and lead eased 0.3% to $1,983.50 a tonne, while tin rose 0.8% to $20,250 a tonne.
Copper up, but demand prospects weigh on sentiment
The most-traded November copper contract on the Shanghai Futures Exchange rose 2.1% to 62,610 yuan ($8,703.69) a tonne, nickel jumped 3.8% to 184,840 yuan a tonne and tin advanced 2.2% to 178,470 yuan a tonne.
The Yangshan copper premium hit its highest in almost a year at $117.50 a tonne on tight supply, as inventories build-up in ShFE warehouses during the one-week-long Chinese National Day holiday was smaller than last year.
ShFE zinc increased 2.3% to 24,725 yuan a tonne, lead was up 0.2% at 15,265 yuan a tonne and aluminium rose 0.2% to 18,560 yuan a tonne.
Comments
Comments are closed for this article.