Feb 7 (Reuters) - London copper prices edged up on
Tuesday as a bullish run in the dollar paused, making
greenback-priced metals cheaper to holders of other currencies.
Three-month copper on the London Metal Exchange rose
0.6% to $8,920 a tonne by 0410 GMT, reversing four straight
sessions of loss and rebounding from its lowest in four weeks
hit in the previous session.
The dollar eased from its rally in the previous session, but
hovered near a one-month peak as traders raised their forecasts
of U.S. Federal Reserve interest rate levels that would be
needed to tame inflation.
The most-traded March copper contract on the Shanghai
Futures Exchange fell 0.7% to 68,040 yuan a tonne,
tracking overnight loss in London.
Copper prices have been falling in recent weeks as traders
and investors reassessed their expectations of the speed and
scale of any Chinese demand recovery after the country removed
its strict COVID-19 restrictions.
On the supply side, global copper smelting activity in
January rose to the highest levels in a year as plants in top
refined metal producer China boosted output, data from satellite
surveillance of metal processing plants showed on Monday.
LME aluminium increased 0.7% to $2,551.50 a tonne,
zinc advanced 0.6% to $3,149.50 a tonne, lead rose 0.7% to $2,114.50 a tonne while tin fell 0.1% to
$26,860 a tonne.
SHFE nickel fell 2.8% to 209,100 yuan a tonne, zinc dropped 0.9% to 23,360 yuan a tonne, lead decreased 0.5% to 15,205 yuan a tonne, tin shed 3% to
214,540 yuan a tonne while aluminium rose 0.6% to
19,075 yuan a tonne.
For the top stories in metals and other news, click or DATA/EVENTS (GMT)
0330 Australia RBA Cash Rate Feb
0700 Germany Industrial Output Dec
0700 UK Halifax House Prices Jan
0745 France Reserve Assets Total Jan
1330 US International Trade $ Dec
1700 Federal Reserve Chair Jerome Powell participates in
interview hosted by the Economic Club of Washington
(Reporting by Mai Nguyen in Hanoi; editing by Uttaresh.V)
mai.nguyen.thomsonreuters.com@reuters.net))
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