Copper prices in London rose above a key resistance level of $10,000 a metric ton on Tuesday, buoyed by renewed hopes for US interest rate cuts this year.
Three-month copper on the London Metal Exchange (LME) rose 1.5 percent to $10,061.50 a ton, while the most-traded June copper contract on the Shanghai Futures Exchange (SHFE) was nearly flat at 80,920 yuan ($11,213.35) a ton, hovering near the record high of 82,460 yuan.
LME aluminum rose 1.2 percent to $2,581 a ton, nickel increased 0.8 percent to $19,385, zinc advanced 1.3 percent to $2,941, lead climbed 1.2 percent to $2,242 and tin jumped 2 percent to $32,635.
SHFE nickel edged up 0.2 percent to 144,500 yuan a ton, zinc rose 0.3 percent to 23,320 yuan, lead climbed 1.1 percent to 17,715 yuan, and tin jumped 1.2 percent to 262,790 yuan, while aluminum eased 0.1 percent to 20,660 yuan.
A softer-than-expected US labor market report on Friday led traders to revive bets that the US Federal Reserve would ease monetary policy as early as September.
Lower interest rates could lift metals demand by boosting economic growth. They could also lead to a softer dollar, making greenback-priced metals cheaper to holders of other currencies.
