Copper prices rose in London on Wednesday, as risk sentiment was boosted after data showed that industrial profits unexpectedly surged in top consumer China last month.
Three-month copper on the London Metal Exchange rose 0.2 percent to $8,103 per metric ton, rebounding from a near four-month low hit on Tuesday.
Profits at China’s industrial firms in August posted a surprise surge of 17.2 percent from a year earlier, compared with a 6.7 percent fall in July, as a flurry of policy support steps has started to stabilize parts of the stuttering economy.
However, January-August profits were still down 11.7 percent from a year earlier.
Meanwhile, the dollar traded near a 10-month high against its major peers, making greenback-priced metals more expensive to holders of other currencies.
LME aluminum was almost flat at $2,244 a ton, nickel dropped 0.9 percent to $18,700, zinc eased 0.2 percent to $2,506.50, lead edged down 0.1 percent to $2,185, tin dropped 1.2 percent to $25,705.
The most-traded November copper contract on the Shanghai Futures Exchange fell 0.5 percent to 67,180 yuan ($9,197.32) per metric ton, tracking overnight loss in London. – Reuters
Author
