BENGALURU- London copper prices were nearly unchanged on Thursday, as market participants looked for more stimulus cues from China and news on potential US trade tariffs.
Three-month copper on the London Metal Exchange (LME) was little changed at $9,079.5 per metric ton.
The most-traded January copper contract on the Shanghai Futures Exchange (SHFE) eased 0.3 percent to 74,530 yuan ($10,248.76) a ton.
Traders are anticipating additional fiscal stimulus measures from the upcoming Central Economic Work Conference in China, the world’s largest consumer of metals.
At the same time, the focus is on developments around potential import tariffs proposed by US President-elect Donald Trump and any retaliatory actions from Beijing.
“With the rising uncertainty over the macro-outlook, the US dollar is likely to take center stage as a key price driver for the base metals in the near-term, with whipsaw movements a direct a result of Trump announcements,” said StoneX analyst Natalie Scott-Gray. The US dollar was little changed overall on the day. A stronger dollar makes metals more expensive for buyers holding other currencies.
