Prices of non-ferrous metals largely rose on Thursday, as a softer dollar and China’s move to support the yuan boosted the purchasing power of buyers in the world’s top metals consumer.
Three-month copper on the London Metal Exchange (LME) was up 0.6 percent at $8,420.50 per metric ton, while the most-traded February copper contract on the Shanghai Futures Exchange (SHFE) rose 0.2 percent to 68,090 yuan ($9,508.05) a ton.
LME aluminium increased 0.5 percent to $2,242.50 a ton, zinc jumped 0.9 percent to $2,517, lead was up 0.7 percent at $2,097, tin rose 0.7 percent to $24,610 and nickel advanced 0.6 percent to $16,525.
SHFE nickel jumped 3.3 percent to 129,130 yuan a ton, zinc rose 0.3 percent to 21,185 yuan, lead advanced 1.1 percent to 16,455 yuan, tin jumped 1.4 percent to 207,120 yuan, while aluminium eased 0.1 percent to 19,040 yuan.
The dollar index edged down and was on track for a second daily loss, but the fall was minimal as traders awaited US inflation data to see whether bets on rate cuts were justified.
A softer dollar makes greenback-priced metals cheaper for holders of other currencies, while China also moved to defend the yuan on Thursday.
