Copper prices in London rose on Wednesday, as a softer dollar made greenback-priced metals cheaper and more attractive to holders of other currencies.
Three-month copper on the London Metal Exchange rose 0.3% to $8,660 per metric ton by 0121 GMT, while the most-traded September copper contract on the Shanghai Futures Exchange fell 1% to 69,820 yuan ($9,739.83) per metric ton.
The dollar eased from a three-week high hit on Tuesday, after a cut on the US government’s top credit rating by Fitch put the country’s fiscal outlook into question.
Yangshan copper premium, which indicates the demand interest to import copper into China, fell to $29 per metric ton, the lowest since May 18.
But weak data from top metals consumer China weighed on the demand outlook for metals, though they raised hope for a government stimulus into sectors, which partly boosted LME copper to a five-week high in the previous session.
China imports less refined copper but raw materials surge
LME aluminium dipped 0.2% to $2,252 per metric ton, zinc fell 0.7% to $2,551.50, lead eased 0.2% to $2,142, tin edged down 0.1% at $27,710 while nickel rose 0.1% to $22,370.
SHFE aluminium fell 0.2% to 18,540 yuan per metric ton, tin dropped 1.4% to 226,660 yuan, while nickel rose 0.3% to 172,690 yuan, zinc advanced 0.2% to 21,195 yuan, and lead climbed 0.4% to 15,955 yuan.
Lead inventories have been improving.
SHFE lead stocks were last at 47,637 metric tons, their highest since March 17.
LME stockpiles of the metal were last at 55,075 metric tons, their highest since December 2021.
The LME cash tin contract was trading at a $99 per metric ton discount to the three-month contract, switching from a premium that has lasted since mid-April, suggesting that nearby tightness has eased.
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