NEW DELHI: Copper prices inched up on Friday tracking a weaker US dollar, although demand concerns in top metals consumer China kept gains in check.
Three-month copper on the London Metal Exchange (LME) was up 0.1% at $8,225.50 a metric ton by 0209 GMT.
Meanwhile, the most-traded December copper contract on the Shanghai Futures Exchange (SHFE) edged down 0.3% to 67,610 yuan ($9,331.57) a ton.
The dollar was on track for weekly losses as a slew of weaker-than-expected US economic data released this week, led by a slowdown in inflation, has reinforced market expectations that the Fed has reached the end of its aggressive monetary tightening cycle.
A weaker greenback makes dollar-priced commodities less expensive for holders of other currencies.
Copper hits six-week high after technical break
However, worries about demand in China, which accounts for nearly half of global copper consumption, were reinforced by new home prices falling for a fourth month in October.
“Increasing China’s refined copper domestic production is another drag for the market,” ANZ Research said in a note.
LME aluminium edged up 0.2% to $2,212 a ton, nickel gained 0.1% to $17,040, zinc eased 0.1% to $2,573.50, lead decreased 1% to $2,262 and tin shed 0.4% to $25,105.
SHFE aluminium eased 0.8% to 18,805 yuan a ton, nickel was down 2.5% at 135,480 yuan, zinc declined 1.8% to 21,390 yuan, while lead gained 1.2% to 16,915 yuan and tin edged down 0.6% to 212,550 yuan.
Comments
Comments are closed.