BEIJING- Prices of most base metals rose on Thursday as a shaky US dollar made it more attractive to buy the greenback-priced commodity, although the gains were capped by global demand outlook stemming from fears of a recession.
Three-month copper on the London Metal Exchange was up 0.3 percent to $8,938.50 a ton.
The most-traded May copper contract on the Shanghai Futures Exchange rose 0.5 percent to 69,300 yuan ($10,082.93) a ton, a near two-week high.
The dollar dipped on Wednesday, extending losses from the previous session after data showed US consumer prices rose less than expected in March, raising expectations that the Federal Reserve is likely to stop hiking rates after a possible increase in May.
Other metals in Shanghai ticked up, with hopes of more stimulus from top consumer China offering support.
SHFE aluminum advanced 0.5 percent to 18,530 yuan, zinc added 0.4 percent to 22,065 yuan, lead nudged 0.3 percent up to 15,320 yuan. Tin climbed 1.6 percent to 193,830 yuan, nickel was up 0.3 percent to 182,500 yuan.
However, demand uncertainty continued to weigh on the market.
Minutes from the Fed’s last policy meeting showed officials forecasting that the banking sector stress would tip the economy into recession.