NEW DELHI- Copper futures were marginally up on Tuesday but a stronger dollar alongside subdued demand prospects in top consumer China kept gains in check.
Three-month copper on the London Metal Exchange was up 0.2 percent at $9,676 per metric ton.
In the broader market, the dollar remained strong ahead of Friday’s release of the US personal consumption expenditures (PCE) price index – the Federal Reserve’s preferred measure of inflation.
A firmer dollar makes greenback-priced metals more expensive to holders of other currencies.
The most-traded July copper contract on the Shanghai Futures Exchange was up 0.04 percent at 78,800 yuan ($10,849.81) a ton.
“As we settle into a summer market, volumes and volatility will likely soften,” Sucden Financial said in a note.
“We believe that the market still has more room on the upside, but the timing is now extended, given a defensive market. We expect metals to remain in range in the near term.”
