BEIJING- Copper fell on Wednesday amid policy uncertainties in the world’s top metals consumer China, while aluminum rose on a weaker dollar.
Three-month copper on the London Metal Exchange slid 0.2 percent to $7,510 a ton, extending losses from the previous session.
The most-traded November copper contract on the Shanghai Futures Exchange was down 0.3 percent to 62,800 yuan ($8,603.56) a ton.
Investors were worried about Beijing’s policy direction following the 20th National Congress of the Communist Party of China that ended last weekend, as reflected by sell-off earlier this week that dragged down Chinese assets market and Chinese yuan.
Although China’s GDP rebounded at a faster-than-expected pace in the third quarter, but strict COVID-19 curbs, a deepening property crisis and global recession risks are challenging Beijing’s efforts to foster a robust revival over the next year.
The dollar fell to a three-week low on Tuesday, as weakening US economic data cooled expectations on the pace of future US rate hikes.
A weaker dollar makes it cheaper for non-US currency holders to buy the greenbank-priced commodity.
