Copper steadies as low stocks lend support

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    BEIJING- London copper steadied after an early dip, lifted by low inventories and tight supplies amid concerns about any impact from Iran’s strike on US forces, while a weaker dollar also supported prices.

    Iran launched a missile attack on US-led forces in Iraq on Wednesday, hours after the funeral of an Iranian commander whose killing in a US drone strike has raised fears of a wider war in the region.

    The base metals complex initially tracked equity markets lower as investors switched into safe-haven assets such as gold, but subsequently clawed back ground.

    “So far the metals have reacted to the news … without too much drama,” Malcolm Freeman, director of Kingdom Futures, wrote in a note.

    “But it is very much a case of the markets in general holding their metaphoric breath until we find out what, if any, response the (United States) will make,” he added. – Reuters