Three-month copper contract on the London Metal Exchange edged higher on Wednesday, supported by a pickup in Chinese export orders, although a slightly stronger dollar limited further upside.
The three-month contract on the LME edged up 0.04% to $9,840.5 per metric ton by 0234 GMT, while the most-traded copper contract on the Shanghai Futures Exchange eased 0.15% to 79,340 yuan ($11,092.00) a ton.
Chinese fabricators have indicated a recent uptick in export orders.
Export-driven demand was strong in the first half of the year, as manufacturers boosted output ahead of US tariffs, but dried up as the levies came into effect.
Any stabilisation in demand amid elevated trade tensions bodes well for the sector in the short term, said analysts from ANZ.
The USD struggled to gain ground, although the dollar index edged marginally higher to 98.27, after falling 0.24% in the previous session following US President Donald Trump’s move to fire Federal Reserve Governor Lisa Cook, which boosted expectations of US interest rate cuts.
A stronger US dollar makes greenback-priced metals more expensive for holders of other currencies, which can dampen demand and weigh on prices.
Elsewhere, Indonesian sovereign wealth fund Danantara plans to access $8.3 billion in investment funds in 2025 to develop a nickel processing hub in partnership with Chinese battery and mineral recycler GEM.
Indonesia is the world’s largest nickel producer.
Among other London metals, aluminium edged 0.09% higher to $2,640.5 a ton, nickel gained 0.33% to $15,335, lead edged up 0.18% to $1,991.5, tin climbed 0.31% to $34,305, and zinc rose 0.02% to $2,814.
SHFE aluminium increased 0.53% to 20,840 yuan, nickel gained 1.58% to 122,250 yuan, tin climbed 1.01% to 272,070 yuan, and zinc rose 0.18% to 22,345 yuan, while lead dipped 0.03% to 16,910 yuan.