NEW DELHI: London copper prices edged lower on Tuesday as the US dollar strengthened, while traders looked for further signals from top consumer China’s stimulus measures this week.
Three-month copper on the London Metal Exchange (LME) eased 0.1% at $9,222 per metric ton, as of 0225 GMT.
Meanwhile, the most-traded January copper contract on the Shanghai Futures Exchange (SHFE) was up 0.9% to 75,450 yuan ($10,410.06).
The US dollar edged to its highest level this month against the yen as traders looked ahead to US inflation due the following day for further clues on the path of Federal Reserve policy.
A stronger dollar makes greenback-priced metals more expensive for holders of other currencies. The market’s focus is also on China’s Central Economic Work Conference meeting this week, where key targets and policy directions will be set for the next year.
Markets gained on Monday after the Chinese Politburo said it had shifted its monetary policy stance to imply more easing is coming.
Copper extends retreat to trade below $9,000 level on dollar rally
“China’s shift in monetary policy stance will keep metal and bulks buoyant,” ANZ Research said in a note.
“China’s Central Economic Work Conference is expected to provide further details on economic targets and stimulus plans later this week.”
LME aluminium was up 0.1% at $2,591 a ton, zinc eased 0.1% to $3,123, lead decreased 0.2% to $2,063, tin dropped 0.4% to $29,800, while nickel rose 0.1% to $16,015.
SHFE aluminium was unchanged at 20,340 yuan a ton, tin was up 2% at 249,130 yuan, nickel rose 0.3% to 127,460 yuan, while zinc was up 1.3% at 25,765 yuan and lead was up 0.1% at 17,690 yuan.
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