London copper inched down on Thursday, amid uncertainty over the Russian invasion threat at the Ukranian border, although a softer dollar limited losses.
Three-month copper on the London Metal Exchange (LME) dipped 0.1 percent to $9,983 a ton, while the most-traded March copper contract on the Shanghai Futures Exchange rose 0.1 percent to 71,410 yuan ($11,277.28) a ton.
There is a growing Russian military presence at Ukraine’s borders, Western countries warned on Wednesday, contradicting Moscow’s insistence of a pullback. Earlier this week, financial markets saw a relief rally on signs of easing tension.
The dollar index was down about 0.1 percent after minutes from the US Federal Reserve’s January meeting were viewed as less hawkish than previously expected.
Meanwhile, Chilean state-owned mining firm Codelco said on Wednesday it will start lithium exploration in the Salar de Maricunga next month, which could present a high-grade reserve of the ultra-light metal that is key for making electric car batteries.
Codelco, the world’s largest copper producer, received an environmental permit to develop the salt flat in November 2020, a move which would help it break into the growing lithium sector after repeated delays as it kept its focus on copper. — Reuters
