"This is not a market where you want to be short; you might have to reduce exposure, but not one where you want to be short." Hansen said that bullish comments at a commodities conference were also supporting the market, including Goldman Sachs saying it expects a commodities supercycle and trader Trafigura predicting that copper prices will hit a record high within 12 months. The dollar index slipped, with traders expecting the banking sector crisis to keep the U.S. Federal Reserve from raising interest rates much further. A weaker dollar makes commodities priced in the U.S. currency cheaper for buyers using other currencies.
The LME cash copper contract traded at a premium of $13 a tonne over the three-month contract , flipping this week from discounts that have lasted since Jan. 19, indicating tightening near-term supply. LME aluminium dipped 0.2% to $2,270.50 a tonne, nickel slid 1.4% to $22,490, zinc shed 0.7% to $2,866 and lead eased 0.8% to $2,101.50, while tin climbed 1.8% to $23,150. For the top stories in metals, click ($1 = 6.8787 yuan) (Reporting by Eric Onstad Additional reporting by Mai Nguyen in Hanoi Editing by David Goodman and Paul Simao)
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