The most-traded February copper contract on the Shanghai Futures Exchange slipped 0.22 percent to close at 50,660 yuan ($8,300) a tonne on Wednesday as markets lost direction ahead of the US Thanksgiving holiday, but prices were set for their biggest monthly fall since June on expectations of improving supply.
In the near-term, a generally brightening US economic recovery could help boost the dollar and weigh on metals into the end of the year, said analyst Tim Radford at Sydney-based advisor Rivkin. "The market is taking a bit of a breather and that's coinciding with Thanksgiving," he said.
"The dollar has been tracking sideways but a better than expected durable goods number tonight might help it break higher and if it does we could see it weigh on base metals prices."
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