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SHANGHAI: Base metals were largely mixed on Tuesday with copper trading near its one-month high, although a strong US dollar capped the gains.

Three-month copper on the London Metal Exchange (LME) rose 0.5% to $9,138 per metric ton by 0337 GMT.

The dollar hung near its highest in more than two years as traders scaled back rate-cut bets in 2025 after data released last week showed an unexpected job growth acceleration and a 4.1% decline in unemployment rate for last month.

The dollar index, which measures the US currency versus six other units, was 0.1% higher at 109.54, as of 0337 GMT, not far from the 26-month high of 110.17 touched on Monday.

A stronger dollar makes greenback-priced commodities more expensive for holders of other currencies.

Copper hits highest in nearly a month on China demand

With President-elect Donald Trump set to return to the White House next week, the focus has been on his policies that analysts expect will boost growth but add to price pressures.

The threat of Trump tariffs, along with the Federal Reserve’s stated measured approach to rate cuts this year, have lifted Treasury yields and the dollar.

“China’s commodity imports for December remained relatively strong, reflecting the modest improvement in manufacturing activity in Q4 2024,” ANZ Research said in a note.

China’s imports of unwrought copper and copper products hit a 13-month high in December, rising by nearly 18% year-on-year, customs data showed.

The most-traded February copper contract on the SHFE gained 0.1% to 75,370 yuan ($10,282.12) a ton by the end of Asia morning trade session.

LME aluminium rose 0.2% to $2,584 a ton, tin fell 0.2% to $29,795, nickel slipped 0.3% to $15,850, lead slid 0.8% to $1,943 and zinc added 0.3% to $2,873.

SHFE aluminium rose 0.4% to 20,320 yuan a ton, nickel gained 0.8% to 127,840 yuan, zinc remained flat at 24,230 yuan, lead lost 0.9% to 16,475 yuan and tin shed 1.0% to 248,150 yuan.

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