NEW DELHI – Shanghai copper prices were trading higher on Monday as the dollar weakened to a three-year low, though an ongoing trade war between the US and China, the world’s top metals consumer, was likely to limit further gains.
The most-traded copper contract on the Shanghai Futures Exchange (SHFE) was up 0.6 percent at 76,480 yuan ($10,494) per ton.
The London Metal Exchange (LME) is closed on Monday for the Easter break.
The dollar dived on Monday as investor confidence in the US economy took another hit over President Donald Trump’s plans to shake up the Federal Reserve, which would throw into question the independence of the central bank.
Separately, China on Monday warned countries against striking a broader economic deal with the United States at its expense, ratcheting up its rhetoric in a spiralling trade war between the world’s two biggest economies.
China’s ambassador to the United States, Xie Feng, urged Washington on Saturday to seek common ground with Beijing and pursue peaceful coexistence while warning that China stood ready to retaliate in the escalating trade war.
Among other metals, SHFE aluminium firmed 0.7 percent to 19,840 yuan a ton, zinc was up 0.98 percent at 22,230 yuan, lead gained 0.7 percent to 16,930 yuan, tin was up 1.2 percent to 259,700 yuan and nickel firmed 0.4 percent to 126,120 yuan.
