Copper prices in London were on track for their third straight daily gain, as a weaker dollar and bullish outlook for the metal in a key industry gathering boosted risk sentiment.
Three-month copper on the London Metal Exchange (LME) rose 0.4 percent to $8,135.50 per metric ton, having gained as much as 0.5 percent earlier in the session to $8,146 a ton, the highest since Oct. 2.
The most-traded November copper contract on the Shanghai Futures Exchange however eased 0.2 percent to 67.230 yuan ($9.24) per ton in the second trading day after a long holiday break.
Copper was overwhelmingly the top bet for base metals next year at the LME Seminar in London, receiving 53 percent of votes in an informal poll on which the base metal is likely to have the most upside in 2024.
Demand for copper in China has been surprisingly robust despite the country’s property sector crisis, driven by orders from the home appliance, electric vehicle, solar and wind sectors.
The dollar softened along with US interest rate expectations and a fall in Treasury yields, making greenback-priced metals cheaper to holders of other currencies.
The global refined zinc market is expected to be in a surplus of 248,000 tons in 2023, the International Lead and Zinc Study Group said, flipping its forecast from a deficit of 45,000 tons previously, due to slower-than-expected demand growth.
