SHANGHAI: Copper prices flitted within a narrow range on Tuesday as traders took a cautious stance ahead of the US interest rate decision later this week.
Three-month copper on the London Metal Exchange (LME) was up 0.2% at $9,076.5 per metric ton, as of 0153 GMT.
The most-traded January copper contract on the Shanghai Futures Exchange was up 0.2% to 74,650 yuan ($10,245.11) a ton.
The US Federal Reserve will announce its interest rate decision on Wednesday, and interest rate futures imply a 94% chance of a reduction, even as services-sector activity leapt to a three-year high, according to an S&P Global purchasing managers survey.
China’s economic data on Monday showed disappointing retail sales in November, keeping alive calls for Beijing to ramp up its consumer-focused stimulus.
LME stocks data supports copper, but dollar dominates
Industrial output growth quickened slightly in the world’s top consumer of the metal.
LME aluminium was down 0.4% at $2,555.5 a ton, zinc rose 0.2% to $3,060.5, lead was up 0.4% at $2,008, tin rose 0.4% to $29,350, while nickel was down 0.2% to $15,680.
SHFE aluminium slipped 1.4% to 20,010 yuan a ton, tin was up 0.7% at 247,190 yuan, nickel slid 0.9% to 125,640 yuan, while zinc fell 0.8% to 25,580 yuan and lead rose 0.6% to 17,470 yuan.
Comments