Copper advanced on Monday supported by a weaker US dollar, as traders and investors were cautious ahead of a slew of key central bank meetings.
Three-month copper on the London Metal Exchange rose 0.3% to $8,379 per metric ton by 0247 GMT, while the most-traded March copper contract on the Shanghai Futures Exchange increased 0.7% to 68,090 yuan ($9,466.41) a ton.
The US dollar struggled to keep gains in early Asian trade, as looming central bank decisions in Japan and Europe forced a pause in its data-spurred rally late last week.
A softer dollar makes greenback-priced metals cheaper to holders of other currencies.
LME aluminium advanced 0.6% to $2,179, zinc increased 0.4% to $2,472, while nickel was up 0.2% at $16,070, lead edged up 0.1% at $2,108.50 and tin rose 0.5% to $25,430.
SHFE aluminium rose 0.5% to 18,780 yuan a ton, zinc was up 0.3% at 20,775 yuan, lead increased 1% to 16,475 yuan, tin edged up 0.5% at 214,500 yuan while nickel dropped 1% to 126,930 yuan.
China imported 10,104 metric tons of copper ore and concentrate from Australia last month, bringing the 2023 total volumes to the highest since June 2021, customs data showed, as Beijing eased an unofficial ban on Australian imports.
Comments
Comments are closed for this article.