Copper prices in London eased slightly on Wednesday, as traders and investors exercised caution ahead of the release of key economic data in China and in the United States.

Three-month copper on the London Metal Exchange dipped 0.1% to $8,443 per metric ton by 0159 GMT, while the most-traded October copper contract on the Shanghai Futures Exchange rose 0.4% to 69,390 yuan ($9,525.05) a ton.

The dollar index was almost unchanged from its previous close, as traders were cautious ahead of a slew of key U.S. economic data to be released later in the week, which could give further hint to how interest rates will move.

A firmer dollar will make greenback-priced commodities more expensive to holders of other currencies.

Copper gains after China’s move to support housing market

Metals industry players were also eyeing manufacturing data from China, due on Thursday and Friday, to determine how demand for metals might improve and whether the government would pump more support into its economy.

Yangshan copper premium touched its highest since December 2022 at $52 a ton on Tuesday, as price difference between London and Shanghai created an opportunity to ship metals to China for profit.

LME aluminium increased 0.3% to $2,175.50 a ton, zinc edged up 0.1% to $2,441.50, tin was almost unchanged at $25,405, while nickel fell 0.2% to $20,645 and lead eased 0.4% to $2,182.

SHFE aluminium rose 0.4% to 18,725 yuan a ton, zinc climbed 0.8% to 20,900 yuan, tin jumped 0.9% to 213,740 yuan, while nickel fell 0.4% to 165,500 yuan and lead increased 0.4% to 16,285 yuan.