London copper climbs

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BEIJING- Copper prices in London climbed on Tuesday as the dollar slid to a three-month low, making the greenback-priced commodity cheaper for buyers, although gains were limited by soft demand outlook in top consumer China.

Three-month copper on the London Metal Exchange was up 0.3 percent at $8,390 per metric ton.

The US dollar edged lower on Tuesday after slipping overnight on weaker-than-expected new home sales data, while traders hunkered down on bets that the Federal Reserve could start cutting interest rates in the first half of next year.

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Still, support from the weaker dollar was partly offset by concerns over copper demand from the traditional housing sector.

Profits at China’s industrial firms recorded a notable slower growth in October, data showed on Monday, disappointing traders.

The subsequent risk of deflation hurt sentiment across the base metals complex, ANZ analysts said in a note.

The most-traded December copper contract on the Shanghai Futures Exchange shed 0.2 percent to 68,090 yuan ($9,525.74) per ton.

Elsewhere, LME aluminum gained 0.5 percent to $2,222.50 a ton, tin moved nearly 1 percent higher to $23,195, zinc increased 0.3 percent to $2,547, lead rose 0.8 percent to $2,180, while nickel dipped 0.1 percent to $16,060. – Reuters

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