London copper was steady on Thursday, supported by strong US economic data and concerns over tight global supply, although a firmer dollar and Federal Reserve’s taper timeline put some downward pressure on prices.
Three-month copper on the London Metal Exchange was steady at $9,845.50 a ton, having scaled to a near one-month high of $9,880 on Wednesday.
The most-traded January copper contract on the Shanghai Futures Exchange rose as much as 1.6 percent to 72,260 yuan ($11,311.30) a ton, its highest since Oct. 22.
Data released on Wednesday showed US weekly jobless claims fell and third-quarter GDP growth was revised higher, but other readings showed consumers paid much higher prices for goods through the third quarter, as inflation continued to accelerate.
The economic data prompted fears that the US Fed could fasten its rate hike and bond purchase elimination, lifting the dollar towards its highest level in more than 16 months. A firmer dollar makes greenback-priced metals on the LME more expensive to holders of other currencies.
