London copper edged higher on Tuesday, supported by risk-on sentiment as fears of the new COVID-19 variant affecting global recovery receded.
Three-month copper on the London Metal Exchange rose 0.1 percent to $9,585 a ton. The most-traded January copper contract on the Shanghai Futures Exchange was up 0.1 percent at 69,940 yuan a ton.
US President Joe Biden on Monday said the world’s biggest economy would not return to lockdowns to stop the spread of the Omicron coronavirus variant, and he would lay out his strategy on Thursday for combating the pandemic over the winter.
Prices were also buoyed by a softer dollar, which makes greenback-priced commodities less expensive to buyers holding other currencies.
Meanwhile, cash premium over the three-month contract eased to $85 a ton, indicating that the tightness in nearby supplies has eased.
