SINGAPORE — London base metal prices inched up on Wednesday on a softer US dollar, although tensions in the Middle East dampened global risk appetite and kept a lid on prices.
Three-month copper on the London Metal Exchange was up 0.22 percent at $9,690.5 per metric ton.
LME aluminum gained 0.18 percent to $2,555 a ton, zinc ticked up 0.49 to $2,651.5, lead strengthened 0.23 percent to $1,980.5 and nickel inched 0.27 percent higher to $14,965. Tin climbed 0.73 percent to $32,500.
The dollar index was last a touch weaker, losing 0.13 percent.
A weaker dollar makes dollar-denominated assets more affordable to holders of other currencies.
“Base metals remained under pressure amid a broader risk off tone across markets,” said ANZ analysts.
Concerns over escalating hostilities in the Middle East stayed front and centre in markets on Wednesday, sending oil prices higher. Higher oil prices dampen economic growth and stoke inflationary pressures.
