NEW DELHI: Shanghai copper prices were trading higher on Monday as the dollar weakened to a three-year low, though an ongoing trade war between the US and China, the world’s top metals consumer, was likely to limit further gains.
The most-traded copper contract on the Shanghai Futures Exchange (SHFE) was up 0.6% at 76,480 yuan ($10,494) per ton, as of 0342 GMT. The London Metal Exchange (LME) is closed on Monday for the Easter break.
The dollar dived on Monday as investor confidence in the US economy took another hit over President Donald Trump’s plans to shake up the Federal Reserve, which would throw into question the independence of the central bank.
Separately, China on Monday warned countries against striking a broader economic deal with the United States at its expense, ratcheting up its rhetoric in a spiralling trade war between the world’s two biggest economies.
China’s ambassador to the United States, Xie Feng, urged Washington on Saturday to seek common ground with Beijing and pursue peaceful coexistence while warning that China stood ready to retaliate in the escalating trade war.
Among other metals, SHFE aluminium firmed 0.7% to 19,840 yuan a ton, zinc was up 0.98% at 22,230 yuan, lead gained 0.7% to 16,930 yuan, tin was up 1.2% to 259,700 yuan and nickel firmed 0.4% to 126,120 yuan.
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