LONDON: Copper prices were little changed on Wednesday as the market awaited U.S. inflation data that could influence the Federal Reserve’s next interest rate decision.
Three-month copper on the London Metal Exchange (LME) was down 0.01% at $8,390.5 per metric ton at 1033 GMT.
The U.S. consumer price index, due at 1230 GMT, is likely to have increased by 0.6% last month, according to a Reuters survey of economists. That would be the largest gain since June 2022.
Trading is expected to remain light before the U.S. inflation data and European interest rate decision tomorrow,“ said Alastair Munro, senior base metals strategist at Marex.
Munro added that industrial metals prices would be dominated by wider factors such as the dollar’s performance against the Chinese yuan.
A weaker U.S. currency makes dollar-priced metals cheaper for holders of other currencies, which could boost demand.
Concern over industrial metals demand in China has been a feature for some months despite Beijing issuing a series of supporting measures to revive a troubled property market.
Chinese data on house prices, urban investment and industrial production data this week should provide a steer on the direction of industrial metals demand and prices.
In other metals, aluminium was up 0.09% at $2,198.50 a ton, zinc firmed by 0.36% to $2,488, tin dipped by 0.23% to $25,465 and lead lost 0.47% to $2,209 while nickel eased by 0.17% to $19,890.
Comments
Comments are closed.