BEIJING: Copper prices steadied on Wednesday as the US dollar softened, while investors awaited some key data by major economies later in the day for clues on global demand outlook.
Three-month copper on the London Metal Exchange added 0.1% to $9,680.50 per metric ton by 0145 GMT, while the most-traded August copper contract on the Shanghai Futures Exchange was up 0.3% to 78,930 yuan ($10,853.06) a ton.
China, Germany and France will release their manufacturing data later today, and the US will also release a raft of data including jobless claims.
Federal Reserve Chair Jerome Powell struck a moderately dovish tone in his comments on Tuesday, suggesting that the US central bank is more than likely to start its easing cycle later this year.
That sent dollar lower, making it less expensive to buy the greenback-priced commodity.
Copper found supports in previous sessions after a private index showed factory activity among smaller Chinese manufacturers grew at the fastest pace since 2021 thanks to overseas orders.
Also supporting copper was the raw material supply shortages.
Miner Freeport McMoran on Tuesday said it expects less-than-expected sales for the second quarter due to a delay in obtaining an export license for its Indonesian subsidiary.
London copper eases on high inventory pressure
LME zinc climbed 0.4% to $2,934.50 a ton, lead added 0.4% to $2,212, and nickel was 0.9% higher at $17,155, while tin slid 0.4% to $32,790, aluminium edged down 0.1% at $2,520.
SHFE zinc gained 0.4% to 24,535 yuan a ton, aluminium ticked 0.3% higher to 20,420, while nickel shed 0.5% to 136,930 yuan, lead was down 0.4% to 19,595 yuan and tin slid 0.6% to 272,780 yuan.
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