Copper prices edged higher on Tuesday buoyed by a softer dollar, though jitters over the rapid spread of the Omicron coronavirus variant capped gains.
Three-month copper on the London Metal Exchange rose 0.5 percent to $9,491 a ton, while the most-traded January copper contract on the Shanghai Futures Exchange gained 0.4 percent to 69,180 yuan ($10,853.47) a ton.
The dollar lost some ground overnight after U.S. Senator Joe Manchin, a moderate Democrat who is key to President Joe Biden’s hopes of passing a $1.75 trillion domestic investment bill, said on Sunday he would not support the package.
A weaker dollar makes the greenback-denominated commodity less expensive for those holding other currencies.
However, gains were limited by concerns over the fast-spreading Omicron variant, prompting restrictions in Europe and the United States.
