LONDON: Copper prices extended gains on Wednesday after the dollar dropped in the wake of more weak US data and due to fresh measures to support China’s troubled property sector. Three-month copper on the London Metal Exchange (LME) was up 0.3% at $8,475 a metric ton by 1600 GMT after rising 1.1% on Tuesday.
LME copper reversed losses to gains after US second quarter economic growth was revised lower and US private payrolls increased less than expected in August.
Bolstering metals was news that two of China’s biggest cities eased mortgage curbs as the government ramps up efforts to revive the crisis-hit property sector Metals industry players were awaiting manufacturing data from China on Thursday and Friday, which is expected to show activity contracted for a fifth straight month in August.
LME lead eased 0.5% to $2,180.50 a metric ton after touching a seven-month high of $2,213.
LME aluminium gained 1.6% to $2,203.50 a metric ton, and tin added 0.3% to $25,480, while zinc shed 0.3% to $2,433 and nickel lost 0.4% to $20,605.
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