Off The Wire
METALS-Copper ticks higher on strong China data, weak dollar
Benchmark copper on the London Metal Exchange rose 0.1% to $6,439.50 a tonne in official trading after declining on Thursday. It was on course for a 7% gain in July, having risen every month since April amid a China-led recovery in demand following the coronavirus outbreak.
* DOLLAR: A weak dollar index also supported metals, slipping to a two-year low of 92.539 and on track for its biggest monthly decline in 10 years.
A weaker greenback makes dollar-denominated metals cheaper for holders of other currencies and can support prices. "If the dollar continues to weaken and the dollar index goes below 90, which is quite likely, it could propel copper prices even higher,” Fu said.
* LME STOCKS: Copper inventories in LME warehouses fell to new six-month lows of 128,125 tonnes, the lowest since Jan. 17.
* PRICES: LME aluminium gained 0.1% to $1,722 a tonne in official activity and was set for a near 7% jump in July, which would be its biggest monthly rise since April 2018. Zinc climbed to a six-month peak of $2,334 and was headed for a monthly gain of 13%, the most since September 2012. It was last up 1.1% at $2,311. Nickel rose 0.6% to $13,806, lead slipped 0.6% to $1,861, and tin added 0.1% to $17,822. (Additional reporting by Tom Daly in Beijing Editing by David Holmes, Kirsten Donovan)
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