BEIJING- London copper climbed on Wednesday on a weaker US dollar as traders awaited a key US inflation report later today, while prices on the CME hovered around a record high.
Three-month copper on the London Metal Exchange (LME) was up 0.2 percent at $10,129.50 per metric ton, while the most-traded June copper contract on the Shanghai Futures Exchange (SHFE) was unmoved at 81,840 yuan ($11,328.59) a ton.
The dollar traded near a one-month low versus the euro on Wednesday amid lower Treasury yields as traders braced for a key US inflation report later in the day that could dictate the path of Federal Reserve policy.
A weaker dollar makes it cheaper to buy the greenback-priced commodity.
Elsewhere, the CME May contract advanced 2.6 percent to $5.081 a pound, near a record high hit in the previous session because of robust demand in the United States and fund buying.
Investors have raised their bets on copper given a supply shortage of raw material this year and booming demand outlook.
The recent surge of US prices came with a short squeeze on the futures market as traders appear to have been caught short on their trades and are being forced to buy back to cover their positions, ANZ analysts said.
