Mumbai, 15 May (Commoditiescontrol): Copper prices on the London Metal Exchange (LME) experienced an uptick on Wednesday, driven by a weaker U.S. dollar as the market braces for the upcoming U.S. inflation report that could signal future Federal Reserve interest rate movements. The three-month copper contract rose 0.3% to $10,144 per metric ton.
In contrast, the most-traded June copper contract on the Shanghai Futures Exchange (SHFE) fell 0.4% to 81,510 yuan ($11,267) per ton, reflecting divergent trends in global metal markets.
The U.S. dollar's dip to a near one-month low against the euro, amid falling Treasury yields, contributed to the LME copper's price increase. A weaker dollar generally lowers the cost for investors holding other currencies to buy dollar-denominated commodities like copper.
Meanwhile, U.S. copper futures on the Chicago Mercantile Exchange (CME) reached record highs on Tuesday, spurred by strong domestic demand and active fund buying, highlighting the robust appetite for copper in the United States.
Other metals showed mixed results on the LME: Aluminium slightly declined by 0.1% to $2,549.50 a ton, while tin appreciated by 0.4% to $33,500. Nickel and zinc each posted modest gains of 0.1% to $19,095 and $3,006.50 respectively, and lead increased by 0.7% to $2,275.
On the SHFE, the pattern was similarly mixed, with aluminium dropping 0.6% to 20,495 yuan a ton, and zinc and nickel also seeing decreases. Conversely, lead surged by 1.9% to 18,670 yuan, and tin rose by 1.1% to 272,960 yuan.
(By Commoditiescontrol Bureau: 09820130172)
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