Copper rises as US dollar weakens – Markets ReadingS


NEW DELHI: Copper prices rose slightly on Friday on the back of a weak US dollar, but demand concerns in China, a leading consumer of the metal, kept the gains in check.

Three-month copper on the London Metal Exchange (LME) rose 0.1% to $8,225.50 per metric tonne as of 02:09 GMT.

Meanwhile, the most traded December copper contract on the Shanghai Futures Exchange (SHFE) fell 0.3% to 67,610 yuan ($9,331.57) per tonne.

The dollar is on track for weekly losses as weaker-than-expected US economic data this week, fueled by a slowdown in inflation, reinforces market expectations that the Fed has reached the end of its aggressive monetary tightening cycle.

The weakening of the dollar makes dollar-denominated commodities cheaper for those who hold other currencies.

Copper rises to six-week high after technical break

However, concerns about demand in China, which accounts for almost half of global copper consumption, were further strengthened by new housing prices falling for the fourth month in October.

“Increasing China’s domestic refined copper production is another impediment to the market,” ANZ Research said in a note.

LME aluminum was up 0.2% to $2,212 per tonne, nickel was up 0.1% to $17,040, zinc was down 0.1% to $2,573.50, lead was down 1% to $2,262 and tin was down 0.4% to $25,105.

SHFE aluminum fell 0.8% to 18,805 yuan per tonne, nickel fell 2.5% to 135,480 yuan, zinc fell 1.8% to 21,390 yuan, lead rose 1.2% to 16,915 yuan and tin fell 0%. It decreased by .6 to 212,550 yuan.

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