London copper steady

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BEIJING- Copper prices in London were steady on Monday as traders assessed lower inventories and tight global supply, while a weaker US dollar also lent support.

Three-month copper on the London Metal Exchange held its ground at $8,582.50 per metric ton, having hit a five-week high on Friday.

The most-traded May copper contract on the Shanghai Futures Exchange slid 0.7 percent to 69,450 yuan ($1,314.07) per ton.

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Supporting copper prices were mine-side disruptions that started last December, dampening Chinese smelters’ profit margins and threatening to curb output.

LME copper stocks declined on Friday to the lowest levels since last August.

Production by copper giant Codelco in Chile, the world’s major producer of the metal, in January sank near 16 percent year-on-year, while output from other producers in the nation climbed.

The dollar index hovered close to a nearly two-month low reached Friday, when monthly payrolls figures signaled a cooling US labor market, keeping the Fed on track to ease policy.

LME aluminum eased 0.2 percent to $2,236, zinc slipped 0.5 percent to $2,516, nickel lost 0.3 percent to 17,960, lead added 0.2 percent to $2,109, while tin little moved at $27,630. – Reuters

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