Base metals were trading mixed on Tuesday as traders and investors reviewed the sector’s outlook amid recent Chinese stimulus measures and a firmer dollar.
Three-month copper on the London Metal Exchange (LME) fell 0.3 percent to $10,154 per metric ton, after hitting its highest levels since April 2022 earlier in the session. The contract has gained 19 percent so far this year.
The dollar was firmer by about 0.1 percent , making greenback-priced metals more expensive to holders of other currencies.
However, the US Federal Reserve is likely to cut its key interest rate twice this year, starting in September, a Reuters poll showed. A rate cut would put the dollar under pressure.
China’s recent moves in stimulating the economy, including bonds issues and lifting home purchase restrictions in some major cities, have helped metals prices recently.
However, China’s sluggish real estate industry, a major base metals consuming sector, has been one of the major drags on demand outlook.
