NEW DELHI: Copper futures were marginally up on but a stronger dollar and subdued demand in top consumer China kept gains in check.
Three-month copper on the London Metal Exchange was up 0.4% at $9,698 per metric ton, as of 0359 GMT.
In the broader market, the dollar remained strong ahead of Friday’s release of the US personal consumption expenditures (PCE) price index - the Federal Reserve’s preferred measure of inflation.
A firmer dollar makes greenback-priced metals more expensive to holders of other currencies.
The most-traded July copper contract on the Shanghai Futures Exchange was up 0.2% at 78,900 yuan ($10,868.67) a ton.
“As we settle into a summer market, volumes and volatility will likely soften,” Sucden Financial said in a note.
“We believe that the market still has more room on the upside, but the timing is now extended, given a defensive market.
Copper resumes downtrend on supply overhang and weak demand
We expect metals to remain in range in the near term.“ LME aluminium was 0.3% higher at $2,510 a ton, nickel edged 0.2% higher to $17,355, zinc edged up 0.2% to $2,852, lead eased 0.6% to $2,171, and tin was down 0.6% at $32,535.
SHFE aluminium eased 0.2% to 20,350 yuan a ton, nickel was up 0.9% to 135,430 yuan, lead slipped 0.05% to 18,855 yuan while zinc fell 0.4% to 23,670 yuan and tin gained 0.1% to 272,910 yuan.
Comments
Comments are closed.