Copper advances

- Advertisement -

Copper advanced on Monday supported by a weaker US dollar, as traders and investors were cautious ahead of a slew of key central bank meetings.

Three-month copper on the London Metal Exchange rose 0.3 percent  to $8,379 per metric ton, while the most-traded March copper contract on the Shanghai Futures Exchange increased 0.7 percent  to 68,090 yuan ($9,466.41) a ton.

The US dollar struggled to keep gains in early Asian trade, as looming central bank decisions in Japan and Europe forced a pause in its data-spurred rally late last week.

- Advertisement -spot_img

A softer dollar makes greenback-priced metals cheaper to holders of other currencies.

LME aluminum advanced 0.6 percent  to $2,179, zinc increased 0.4 percent  to $2,472, while nickel was up 0.2 percent  at $16,070, lead edged up 0.1 percent  at $2,108.50 and tin rose 0.5 percent  to $25,430.

SHFE aluminum rose 0.5 percent  to 18,780 yuan a ton, zinc was up 0.3 percent  at 20,775 yuan, lead increased 1 percent  to 16,475 yuan, tin edged up 0.5 percent  at 214,500 yuan while nickel dropped 1 percent  to 126,930 yuan.

China imported 10,104 metric tons of copper ore and concentrate from Australia last month, bringing the 2023 total volumes to the highest since June 2021, customs data showed, as Beijing eased an unofficial ban on Australian imports.

Author

Share post: