BEIJING: Copper prices in London were steady on Monday as traders assessed lower inventories and tight global supply, while a weaker US dollar also lent support.
Three-month copper on the London Metal Exchange held its ground at $8,582.50 per metric ton by 0233 GMT, having hit a five-week high on Friday.
The most-traded May copper contract on the Shanghai Futures Exchange slid 0.7% to 69,450 yuan ($1,314.07) per ton.
Supporting copper prices were mine-side disruptions that started last December, dampening Chinese smelters’ profit margins and threatening to curb output.
LME copper stocks declined on Friday to the lowest levels since last August.
Production by copper giant Codelco in Chile, the world’s major producer of the metal, in January sank near 16% year-on-year, while output from other producers in the nation climbed.
The dollar index hovered close to a nearly two-month low reached Friday, when monthly payrolls figures signalled a cooling US labour market, keeping the Fed on track to ease policy.
Copper extends gains on hopes for rate cuts, China revival
LME aluminium eased 0.2% to $2,236, zinc slipped 0.5% to $2,516, nickel lost 0.3% to 17,960, lead added 0.2% to $2,109, while tin little moved at $27,630.
SHFE aluminium shed 0.4% to 19,120 yuan, zinc moved 0.3% lower to 21,130 yuan, tin fell 1.1% to 220,080 yuan, nickel nudged down 0.1% to 137,390 yuan, while lead ticked 0.6% higher to 16,215 yuan.
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