March 13 (Reuters) - Industrial metal prices in London
rose on Monday, as a weaker dollar made greenback-priced metals
cheaper to holders of other currencies.
The dollar slid as U.S. authorities stepped in to cap the
fallout from the sudden collapse of Silicon Valley Bank (SVB) , which led investors to speculate that the Federal
Reserve would now be reluctant to rock the boat by hiking
interest rates by a super-sized 50 basis points this month.
Three-month copper on the London Metal Exchange rose
0.7% to $8,925 a tonne by 0242 GMT, aluminium advanced
0.7% to $2,330 a tonne, zinc increased 0.5% to $2,952.50
a tonne, lead was up 0.5% at $2,088 a tonne and tin climbed 0.4% to $23,005 a tonne.
The most-traded April copper contract on the Shanghai
Futures Exchange was almost unchanged at 69,130 yuan
($10,059.66) a tonne, nickel shed 3.7% to 176,400 yuan
a tonne and aluminium fell 0.2% to 18,340 yuan a tonne.
SHFE zinc declined 0.8% to 22,895 yuan a tonne, tin lost 1% to 187,870 yuan a tonne and lead was
down 0.2% at 15,140 yuan a tonne.
In China, signs of improving copper demand have emerged.
SHFE copper inventories declined for the second
straight week to hit their lowest since Jan. 20 by the end of
last week, while premium for domestic copper climbed to 95 yuan a tonne on Friday, the highest since Jan. 16.
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($1 = 6.8720 yuan)
(Reporting by Mai Nguyen in Hanoi; Editing by Subhranshu Sahu)
mai.nguyen.thomsonreuters.com@reuters.net))
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