Mumbai, 9 Feb (Commoditiescontrol): London Metal Exchange (LME) copper futures rebounded on Friday after touching a near-three-month low in the previous session, but gains were limited by demand concerns from top consumer China and a firm U.S. dollar.
Three-month copper on the LME was up 0.5% at $8,232.50 per metric ton.
The Shanghai Futures Exchange (SHFE) was closed on Friday and next week for the Lunar New Year holiday.
Copper was underpinned by mine-side supply issues and demand optimism amid expectations of rising demand from the new energy sector.
But a deep property sector crisis in China has weighed on sentiment given construction is a major consumer for base metals. And data on Thursday showed the biggest fall since 2009 in its consumer prices exacerbated near-term demand worries.
Meanwhile, copper inventories in the world's top consumer have been rising amid a traditional weak demand season. On-warrant Copper stocks on SHFE this week climbed to the highest since May 2023.
Also weighing on the market was a steady dollar after U.S. unemployment benefits again pointed to a resilient labor market, reinforcing the Federal Reserve's message that interest rates are unlikely to be cut in the near term.
A stronger dollar makes it more expensive to buy the greenback-price commodity.
Among other metals, LME aluminium dipped 0.1% to $2,219 per ton, lead shed 0.3% to $2,048.50, while nickel gained 0.5% to $16,080 and zinc was up 0.2% to $2,333.
(By Commoditiescontrol Bureau: 09820130172)
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