London copper prices bounced on Wednesday from a one-month low hit in the previous session, as a weaker US dollar made the greenback-priced metal cheaper to holders of other currencies.
Three-month copper on the London Metal Exchange rose 1 percent to $8,429 per metric ton, while the most-traded September copper contract on the Shanghai Futures Exchange fell 0.6 percent to 68,460 yuan ($9,499.10) per metric ton, tracking overnight losses in London.
LME aluminum rose 0.7 percent to $2,216 per metric ton, nickel edged up 0.4 percent at $20,920, zinc advanced 0.8 percent to $2,476, lead increased 0.4 percent to $2,133, and tin was up 0.4 percent at $27,405.
SHFE nickel fell 0.8 percent to 165,400 yuan per metric ton, zinc eased 0.3 percent to 20,830 yuan, lead edged down 0.1 percent at 15,960 yuan, tin dropped 1 percent to 226,010 yuan, while aluminum was flat at 18,490 yuan.
The dollar index edged lower, after a rally in the previous session on safe-haven demand spurred by weak China economic data.
Worries about the global economy flared up after Chinese data showed imports and exports in the world’s biggest metals consumer contracted much faster than expected in July.
The data checked a rally in metals prices while raising hopes for more stimulus measures from the Chinese government. -Reuters
