London copper edges up on US stimulus paychecks optimism

  • Three-month copper on the London Metal Exchange rose 1.4% to $7,898.50 a tonne by 0239 GMT, while the most-traded February copper contract on the Shanghai Futures Exchange was almost flat at 58,720 yuan ($8,991.65) a tonne.
29 Dec, 2020

HANOI: London copper rose on Tuesday as investors hope an expanded US pandemic aid package will spur a quick economic recovery, boosting consumption and demand for metals.

Three-month copper on the London Metal Exchange rose 1.4% to $7,898.50 a tonne by 0239 GMT, while the most-traded February copper contract on the Shanghai Futures Exchange was almost flat at 58,720 yuan ($8,991.65) a tonne.

The US House of Representatives approved a plan for $2,000 COVID-19 relief checks on Monday, up from a previous $600, before sending the measure on to a vote at Senate.

A weaker dollar, which languished near a 2-1/2-year as US lawmakers pushed forward with a COVID-19 relief package, also made greenback-priced metals cheaper and more appealing to holders of other currencies.

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