Copper prices in London rose on Wednesday, as a softer dollar made greenback-priced metals cheaper and more attractive to holders of other currencies.
Three-month copper on the London Metal Exchange rose 0.3 percent to $8,660 per metric ton while the most-traded September copper contract on the Shanghai Futures Exchange fell 1 percent to 69,820 yuan ($9,739.83) per metric ton.
The dollar eased from a three-week high hit on Tuesday, after a cut on the US government’s top credit rating by Fitch put the country’s fiscal outlook into question.
Yangshan copper premium which indicates the demand interest to import copper into China, fell to $29 per metric ton, the lowest since May 18.
But weak data from top metals consumer China weighed on the demand outlook for metals, though they raised hope for a government stimulus into sectors, which partly boosted LME copper to a five-week high in the previous session.
LME aluminum dipped 0.2 percent to $2,252 per metric ton, zinc fell 0.7 percent to $2,551.50, lead eased 0.2 percent to $2,142, tin edged down 0.1 percent at $27,710 while nickel rose 0.1 percent to $22,370.
SHFE aluminum fell 0.2 percent to 18,540 yuan per metric ton, tin dropped 1.4 percent to 226,660 yuan, while nickel rose 0.3 percent to 172,690 yuan, zinc advanced 0.2 percent to 21,195 yuan, and lead climbed 0.4 percent to 15,955 yuan.
