BEIJING: Copper pries rebounded on Thursday to trade above a key threshold of $10,000 per metric ton, buoyed by a softer US dollar and signs of better demand from top consumer China.
Three-month copper on the London Metal Exchange rose 1.6% to $10,084 per ton by 0243 GMT, while the most-traded July copper contract on the Shanghai Futures Exchange gained 1.2% to 81,550 yuan ($11,256.66) a ton.
The dollar eased on renewed bets of a US Federal Reserve easing cycle expected this year, while the euro firmed a touch ahead of a policy decision from the European Central Bank (ECB) where traders consider a rate cut all but certain.
Meanwhile, copper buyers in China resumed some activities that had been dampened by a surge in prices last month.
China’s services activity in May accelerated at the quickest pace in 10 months, boosting sentiment further after factory activity grew the fastest in about two years last month.
Copper dips below $10,000 as consolidation continues
LME aluminium rose 1% to $2,648.50 a ton, nickel advanced 2.2% to $18,695, zinc added 1.6% to $2,910.50, tin was up 2% at $31,960, and lead gained 0.6% to $2,242.
SHFE aluminium ticked 0.5% higher to 21,345 yuan a ton, lead moved 0.8% higher to 18,945 yuan, tin increased 0.2% to 263,230 yuan and zinc was little moved at 24,150 yuan, while nickel fell 0.7% to 143,070 yuan.
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