LONDON: Copper prices rose on Monday in a relatively quiet session as some Asian markets were on holiday, with investors breathing a sigh of relief after the US government avoided a shutdown.
Three-month copper on the London Metal Exchange rose 0.7% to $8,326.50 per metric ton by 0728 GMT, nickel gained 1.3% to $18,930, lead advanced 0.5% to $2,181 and zinc increased 0.7% to $2,668.
LME aluminium rose 0.8% to $2,366 a ton and tin edged up 0.1% to $23,955. The US Congress passed a stopgap bill on Saturday to avert a government shutdown, boosting risk-on mode.
The dollar was firm in early Asian trading hours, but started to fall around 0600 GMT when London traders could trade for the first time following Saturday’s news, making greenback-priced metals cheaper to holders of other currencies.
Prices of metals were mostly down during early Asian trading hours, but rebounded in tandem with the dollar. Meanwhile, China’s factory activity expanded for the first time in six months in September, official data showed, suggesting a stabilising economy.
However, trading volume was tepid as top metals consumer China is shut for public holidays until Oct. 8.
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