NEW DELHI- London copper prices climbed on Wednesday, tracking a weak dollar after US President Donald Trump ordered a probe into potential new tariffs on copper imports, aimed at boosting US production of the metal.
Three-month copper on the London Metal Exchange (LME) gained 0.6 percent to $9,462 a metric ton.
The US dollar sagged near an 11-week low against its major peers on the day.
A weaker dollar makes greenback-priced commodities cheaper for buyers holding other currencies.
Trump, looking to thwart what his advisers see as a move by China to dominate the global copper market, signed an order at the White House directing Commerce Secretary Howard Lutnick to start a national security probe under Section 232 of the Trade Expansion Act of 1962. The same law was used by Trump in his first term to impose 25 percent global tariffs on steel and aluminum.
“Market is a bit distorted because of news flow and not reacting to fundamentals,” said Soni Kumari, a commodity strategist at ANZ.
Among other metals, LME aluminum was down 0.06 percent to $2,637, LME zinc added 0.2 percent at $2,816.5, nickel climbed 0.3 percent to $15,375, lead gained 0.4 percent to $2,000, while tin fell 0.6 percent to $32,565.
