The dollar held gains against a basket of currencies on Thursday, as stronger-than-expected producer prices and falling jobless claims implied the Fed would have to maintain interest rates higher for longer. The better fundamentals offset concerns of a more hawkish stance by the Fed, ANZ Research said in a note.
Hopes for a recovery in China demand grew as a build-up in metals stocks slowed this week, lending some support to the market. Copper inventories in warehouses monitored by the Shanghai Futures Exchange rose 3.1% on-week to 249,598 tonnes on Friday.
First Quantum Minerals Ltd has told employees it may have to shutter operations in Panama unless the government allows its copper exports to resume by next week, according to a memo sent to staff and seen by Reuters. The most traded March copper contract on the Shanghai Futures Exchange ended day trading 0.9% higher at 68,880 yuan ($10,016.00) a tonne.
LME aluminium gained 0.2% to $2,398 a tonne, zinc moved up 0.5% to $3,017, tin lost 0.7% at $26,820, and lead was up 1.3% at $2,055.50.
SHFE aluminium rose 0.8% to 18,530 yuan a tonne and tin increased 0.1% to 212,320 yuan, while nickel lost 0.5% to 203,100 yuan, lead little changed at 15,170 yuan. For the top stories in metals and other news, click or ($1 = 6.8770 Chinese yuan renminbi) (Reporting by Siyi Liu and Dominique Patton; Editing by Subhranshu Sahu, Uttaresh.V and Barbara Lewis)
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