Copper prices in London rose on Thursday, as a weaker dollar made greenback-priced metals cheaper to holders of other currencies. Three-month copper on the London Metal Exchange rose 1.1% to $9,187 a tonne by 0231 GMT, while the most-traded March copper contract on the Shanghai Futures Exchange dipped 0.5% to 69,200 yuan ($10,302.68) a tonne.
The dollar tumbled after the US Federal Reserve said it had turned a corner in the fight against inflation, giving markets a confidence boost that the end of its rate-hike campaign is near.
Supply disruption at MMG Ltd’s Las Bambas copper mine in also Peru lent prices some support.
Copper retreats on caution over Chinese demand
LME aluminium rose 0.4% to $2,643 a tonne, lead advanced 1.2% to $2,164 a tonne, tin increased 2.3% to $29,640 a tonne and zinc was up 0.6% at $3,371 a tonne.
SHFE aluminium edged up 0.2% to 19,135 yuan a tonne, lead advanced 0.8% to 15,295 yuan a tonne, while nickel dropped 1% to 221,790 yuan a tonne and zinc shed 0.4% to 24,225 yuan a tonne.
Comments
Comments are closed for this article.