SINGAPORE: Coppers prices on the London Metal Exchange and the Shanghai Futures Exchange inched up on Tuesday on the back of a weaker US dollar, while uncertainty persisted on US trade with major partners.
The LME three-month copper gained 0.15% to $9,883.5 per metric ton by 0103 GMT, and the SHFE most-traded copper contract gained 0.1% to 79,840 yuan ($11,145.23).
“The worries on the rising US government deficit has weakened the dollar, (which is) supportive to commodities, and my focus for this week will be on the US trade talks,” said a Beijing-based metals analyst from a futures company.
The dollar index, against a basket of currencies including the yen and the euro, fell 0.35% to 96.86 on Monday, on track for its sixth straight month of losses, and set to mark its worst half-year since the 1970s.
A softer dollar makes greenback-priced commodities less expensive for buyers using other currencies.
The US and China had resolved issues around shipments of Chinese rare earth minerals and magnets to the US further modifying a May deal in Geneva, the US Treasury Secretary Scott Bessent had said last week.
Copper slips on mixed Chinese data, tariff uncertainty
Countries could still face sharply higher tariffs on July 9 even if they are negotiating in good faith, Bessent said, adding that any potential extensions will be up to Trump.
LME nickel fell 0.33% to $15,165 a ton, zinc eased 0.31% to $2,743, and lead fell 0.12% to $2,042.5.
SHFE nickel fell 0.65% to 120,180 yuan, zinc fell 0.51% to 22,320 yuan, tin dropped 0.27% to 267,410 yuan, and lead ticked down 0.15% to 17,120 yuan.
Comments
Comments are closed for this article.