London copper prices were flat on Thursday as traders refrained from making active bets in the absence of any major market-moving catalysts, while strong performances in the US dollar so far this week also weighed on the greenback-priced metal.
Three-month copper on the London Metal Exchange held its ground at $8,284.50 per metric ton by 0347 GMT.
The most-traded January copper contract on the Shanghai Futures Exchange dipped 0.4% to 67,480 yuan ($9,423.26) per metric ton, rebounding slightly from the 67,200 yuan hit earlier in the session, the lowest since Nov. 14.
The dollar index was steady, but gained nearly 1% so far this week.
The unit was on course for its strongest weekly performance since July.
Helping cushion prices, China’s data showed exports in November grew for the first time in six months, suggesting the manufacturing sector may be beginning to benefit from an uptick in global trade flows.
Yangshan copper premium rose to $112.50 a ton, clawing back to the one-year high level hit earlier this month, suggesting higher demand for imported copper into top consumer China.
Copper rises on weaker dollar, upbeat China data
LME aluminium edged 0.1% lower at $2,146 a ton, zinc eased 0.2% to $2,423, tin was almost flat at $24,575, while nickel rose 2.2% to $16,575 and lead advanced 0.5% to $2,039.50.
SHFE aluminium eased 0.1% to 18,410 yuan a ton, lead declined 0.3% to 15,510 yuan, while nickel rose 2.7% to 130,050 yuan and zinc edged up 0.2% at 20,565 yuan.
SHFE tin climbed as much as 3% to 207,950 yuan a ton, the highest since Nov. 22.
Comments