BEIJING: London copper was flat on Wednesday ahead of China inflation data, with firmer US dollar and demand uncertainty weighing on the market.
Three-month copper on the London Metal Exchange was little changed at $9,870 per metric ton by 0129 GMT, while the most-traded August copper contract on the Shanghai Futures Exchange fell 0.5% to 79,980 yuan ($10,997.59) a ton.
China will release its inflation data later in the day.
Investors are also waiting for the China Communist Party’s key third plenum from July 15-18 for possible stimulus measures.
The dollar was on the front foot having rebounded from a three-week low after Federal Reserve Chair Jerome Powell struck a cautious tone on how soon interest rate cuts would come.
A stronger dollar makes it more expensive to buy the greenback-priced commodity.
China demand hopes hold copper prices steady
LME aluminium was unchanged at $2,496 a ton, nickel was static at $17,145, zinc steadied at $2,931, lead gained 0.5% to $2,204.50 and tin advanced 0.4% to $34,485.
SHFE aluminium shed 0.4% to 20,330 yuan a ton, lead was down 0.9% at 19,480 yuan, nickel fell 2% to 134,980 yuan and zinc declined 0.6% to 24,270 yuan, while tin rose 0.5% to 279,910 yuan.
Comments
Comments are closed for this article.