(Updates prices)
Feb 2 (Reuters) - London copper prices rebounded on
Thursday as a weaker dollar made the greenback-priced metal
cheaper to holders of other currencies.
Three-month copper on the London Metal Exchange climbed 0.8% to $9,158 a tonne by 0839 GMT, while the
most-traded March copper contract on the Shanghai Futures
Exchange slipped 0.7% to 69,060 yuan ($10,274.65) a
tonne.
The dollar slid after the U.S. Federal Reserve said it had
turned a corner in the fight against inflation, giving markets a
confidence boost that the end of its rate-hike campaign is near.
Supply disruption at MMG Ltd's Las Bambas copper
mine in Peru also lent prices some support.
"After the (Chinese New Year) festival, transaction in the
domestic spot market is still relatively light, and the
inventory continues to accumulate," Huatai Futures said in a
report.
However, a likely weak dollar and supportive economic
policies in China are seen boosting copper demand, it added.
Many Chinese cities have rushed to lower or scrap the floor
mortgage rates for first-time home buyers in recent weeks, a
research firm said in a report, as authorities eased rules
further to rekindle demand for residential property.
LME aluminium dipped 0.1% tp $2,629.50 a tonne,
while lead advanced 0.1% to $2,141 a tonne, tin increased 2% to $29,380 a tonne and zinc fell 1.1% to
$3,312 a tonne.
SHFE aluminium was almost unchanged at 19,095 yuan
a tonne, while lead advanced 1.1% to 15,340 yuan a
tonne, with nickel dropping 2.8% to 217,980 yuan a
tonne and zinc shedding 0.8% to 24,125 yuan a tonne.
For the top stories in metals and other news, click or ($1 = 6.7214 yuan)
(Reporting by Mai Nguyen in Hanoi; Editing by Nivedita
Bhattacharjee, Subhranshu Sahu and Dhanya Ann Thoppil)
mai.nguyen.thomsonreuters.com@reuters.net))
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