London copper rises

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London copper prices edged up on Tuesday as a bullish run in the dollar paused, making greenback-priced metals cheaper to holders of other currencies.

Three-month copper on the London Metal Exchange rose 0.6 percent to $8,920 a ton, reversing four straight sessions of loss and rebounding from its lowest in four weeks hit in the previous session.

The dollar eased from its rally in the previous session, but hovered near a one-month peak as traders raised their forecasts of US Federal Reserve interest rate levels that would be needed to tame inflation.

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The most-traded March copper contract on the Shanghai Futures Exchange fell 0.7 percent to 68,040 yuan a ton, tracking overnight loss in London.

Copper prices have been falling in recent weeks as traders and investors reassessed their expectations of the speed and scale of any Chinese demand recovery after the country removed its strict COVID-19 restrictions.

On the supply side, global copper smelting activity in January rose to the highest levels in a year as plants in top refined metal producer China boosted output, data from satellite surveillance of metal processing plants showed on Monday.

LME aluminum increased 0.7 percent to $2,551.50 a ton, zinc advanced 0.6 percent to $3,149.50 a ton, lead rose 0.7 percent to $2,114.50 a ton while tin fell 0.1 percent to $26,860 a ton. – Reuters

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