NEW DELHI — Copper prices in London edged higher on Thursday, supported by a softer dollar, although gains were limited due to persisting uncertainty over economic growth from elevated US tariffs.
Benchmark copper on the London Metal Exchange (LME) was up 0.2 percent at $9,555 a metric ton.
The dollar weakened against a broad swathe of currencies on Wednesday, pressured by concerns over the Trump administration’s tax cuts and spending plans. A softer dollar makes greenback-priced commodities less expensive for buyers holding other currencies.
Last week, the US and China agreed to reduce tit-for-tat tariffs and implement a 90-day pause on actions but there is still uncertainty on what will follow after the temporary truce.
“The copper market faces a split trajectory due to the looming US 25 percent import tariff, creating stark regional imbalances,” consultancy BigMint said.
“Global prices (LME: $9,500/ton) are caught between rising US stockpiles and tightening supplies elsewhere.”
Among other London metals, aluminum was up 0.6 percent at $2,486 a ton, zinc was down 0.1 percent to $2,690, lead eased 0.4 percent to $1,965.5 and nickel was down 0.04 percent to $15,595. Tin eased 0.3 percent to $32,750.
The most-traded copper contract on the Shanghai Futures Exchange (SHFE) eased 0.08 percent to 78,030 yuan ($10,831.33) per ton.
SHFE aluminum was up 0.4 percent at 20,250 yuan a ton, zinc eased 0.5 percent to 22,465 yuan, lead was down 0.7 percent to 16,765 yuan, nickel edged up 0.05 percent to 123,420 yuan, and tin fell 0.6 percent to 265,430 yuan.
