Mumbai, 7 Feb (Commoditiescontrol): London Metal Exchange (LME) base metal future prices gained on Wednesday, thanks to a weaker U.S. dollar and more upbeat sentiment, boosted by Beijing's latest effort to support its stock market.
Three-month copper on the LME was up 0.3% at $8,424 per metric ton, while the most-traded March copper contract on the Shanghai Futures Exchange held steady at 68,140 yuan per metric ton.
The dollar index dipped on Wednesday, a second day of slide after it rose to its highest level in almost three months, as strong economic data and the Federal Reserve's hawkish stance on interest rates bolstered the U.S. currency.
A weaker dollar makes it cheaper for non-dollar holders to purchase the greenback-priced commodity.
Meanwhile, a raft of measures by the Chinese regulator to support share prices after the market plunged to five-year lows boosted sentiment.
Production at mines owned by Chile's cash-strapped copper miner Codelco fell to 1.325 million metric tons in 2023, the company's chief executive told Reuters on Tuesday, promising a slight recovery in the coming year.
LME aluminium edged up 0.1% to $2,232, nickel was little changed at $15,920, zinc advanced 0.4% to $2,441, lead climbed 0.3% to $2,120 and tin was steady at $25,187.
SHFE aluminium rose 1% to 18,960 yuan a ton, zinc added 0.2% at 20,565 yuan and tin moved 0.7% higher to 209,690 yuan, while lead dipped 0.2% to 16,170 yuan and nickel slipped 0.5% at 123,900 yuan.
(By Commoditiescontrol Bureau: 09820130172)
0 Comments 
Post Comment 
