SHANGHAI- Most base metal prices moved in a tight range on Thursday, with traders keeping an eye on uncertainties concerning US President-elect Donald Trump’s tariff plans amid economic data from top consumer China and the restraining influence of a strong dollar.
Three-month copper on the London Metal Exchange (LME) edged up 0.3 percent at $9,061 per metric ton.
China’s consumer inflation slowed in December, while producer price deflation persisted.
China’s consumer price index crept up 0.1 percent last month year-on-year, slowing from November’s 0.2 percent increase, data from the National Bureau of Statistics showed. This is the weakest pace of growth since April.
“The market’s attention is… centered on the potential tariff policies that might be introduced following Trump’s inauguration this week. Until then, a cautious stance is being adopted,” Galaxy Futures said in a note.
Earlier this week, reports circulated that Trump’s team was contemplating selective tariffs on sectors crucial to national or economic security. However, Trump subsequently denied these reports on social media.
The dollar remained strong, underpinned by rising Treasury yields.
