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Markets

Copper rises as dollar weakens to near 1-week low

  • The dollar languished near its lowest in a week as investors began entertaining doubts about the scale of a recent rally driven by expectations of a faster pandemic recovery in the United States than elsewhere.
09 Feb 2021

HANOI: Copper prices advanced on Tuesday as a weaker dollar made greenback-priced metals on the London Metal Exchange more appealing to holders of other currencies.

Three-month copper on the London Metal Exchange rose 0.5% to $8,079 a tonne by 0229 GMT, while the most-traded March copper contract on the Shanghai Futures Exchange advanced 1.3% to 59,340 yuan ($9,203.00) a tonne.

The dollar languished near its lowest in a week as investors began entertaining doubts about the scale of a recent rally driven by expectations of a faster pandemic recovery in the United States than elsewhere.

LME aluminium rose 0.2% to $2,031 a tonne, nickel advanced 0.5% to $18,260 a tonne and zinc increased 0.1% to $2,654.50 a tonne.

ShFE aluminium was up 0.7% at 15,780 yuan a tonne, nickel gained 0.9% at 134,540 yuan a tonne, while tin dropped 2.2% to 162,550 yuan a tonne.