Global shares rose on Wednesday. The rise in metals prices was limited by a stronger dollar, which makes dollar-priced metals costlier for buyers with other currencies. The dollar rose against major peers on Wednesday, pausing its recent declines. Demand from China, the world's largest copper consumer, is expected to start recovering in the second quarter of 2023, and this should support prices, said analyst Sudakshina Unnikrishnan at Standard Chartered Bank. "But the evolution of the macro landscape, the dollar moves and risk appetite will be key in driving price moves and setting sentiment," Unnikrishnan added. LME aluminium fell 0.3% to $2,382.5 a tonne after hitting $2,423, its highest since March 2. Zinc added 0.8% at $2,959.5 after hitting $2,999, its maximum level since March 7. Lead flat at $2,133.5 after touching $2,154, its highest in five weeks. Tin rose 0.3% to $25,845 after touching $26,050, its highest since March 1. Nickel declined 1.4% to $23,750, after hitting $24,426, its fresh high since March 7. The nickel cash contract discount to three-month futures on the LME reached $172 a tonne, the weakest contango since early January and compared to $333 a week ago, indicating concern about short-term supply. (Reporting by Polina Devitt; additional reporting by Enrico Dela Cruz in Manila; editing by Tomasz Janowski, Mark Potter and Shilpi Majumdar)
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