BEIJING: Shanghai copper prices climbed on Monday, buoyed by China’s latest move to support its ailing stock market, even as a firm US dollar amid prospects of further interest rate hikes by the Federal Reserve weighed on sentiment.

The most-traded October copper contract on the Shanghai Futures Exchange rose 0.6% to 69,240 yuan ($9,499.25) per metric ton, after a 1.1% climb in the previous week.

The London Metal Exchange was closed for the Summer Bank Holiday.

China halved the stamp duty on stock trading effective Monday in the latest attempt to boost its struggling market.

The post-pandemic recovery has faltered in the world’s second-biggest economy, with industrial profit declining for a seventh consecutive month. Also weighing on copper prices, the dollar held firm amid worries of more interest rate rises.

A stronger dollar makes the greenback-priced commodity less attractive for buyers holding other currencies.

Copper on track for strongest week in a month

Prices of copper, often seen as an economic bellwether, paused its rally on Friday after Fed Chair Jerome Powell said the central bank might need to raise interest rates further to ensure inflation was contained.

SHFE aluminium added 0.2% to 18,570 yuan a metric ton, zinc rose 1% to 20,755 yuan, tin nudged up 0.1% at 208,040 yuan, while lead shed 0.1% to 16,395 yuan, nickel slid 0.2% to 168,870 yuan.