LONDON: Copper prices in London rose on Wednesday as support from a weaker dollar helped to halt a five-session run of declines. Benchmark LME copper was up 0.3% at $8,553 a tonne by 1617 GMT.
The metal, which is used in electrical wiring and seen as key to the global energy transition, fell to its lowest level in six weeks on Tuesday, testing robust support near $8,500 a tonne, on weak demand from leading metals consumer China.
“Copper looks set to benefit from increased green transformation demand in the coming years. However, there is still slower-than-expected recovery in Chinese demand during a time that is meant to be the busiest construction period of the year,” Saxo Bank strategist Ole Hansen said.
LME aluminium was stable at $2,336 a tonne after an inflow of metal into LME-registered warehouses. Zinc jumped 2.1% to $2,653.5, lead gained 0.4% to $2,114, and nickel added 1.1% to $23,590 despite the market surplus that the International Nickel Study Group expects to widen this year.
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