Base metals rise as dollar nurses losses ahead of U.S. inflation data
Base metals prices rose on Tuesday as the dollar weakened on expectation that U.S. inflation data might show some signs of cooling, making greenback-priced metals cheaper to holders of other currencies.
Three-month copper on the London Metal Exchange rose 0.3% to $7,976.50 a tonne, as of 0241 GMT, while the most-traded October copper contract on the Shanghai Futures Exchange advanced 1.2% to 63,030 yuan ($9,102.59) a tonne.
LME tin jumped 3.4% to $22,180 a tonne, zinc climbed 1.2% to $3,236 a tonne and aluminum increased 1% to $2,305 a tonne.
The dollar nursed losses ahead of U.S. inflation data that investors hope might show some signs of softening. Recent dollar gains have slowed on market expectations that peaking inflation will mean less aggressive interest rate hikes from the Federal Reserve.
The premium of LME cash copper over the three-month contract
Meanwhile, the LME zinc cash-three month premium
ShFE nickel jumped 5.3% to 190,670 yuan a tonne, tin advanced 2.8% to 183,640 yuan a tonne, zinc increased 1.3% to 24,760 yuan a tonne and lead was up 1.5% to 15,130 yuan a tonne.
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($1 = 6.9244 yuan) (Reporting by Mai Nguyen in Hanoi; Editing by Subhranshu Sahu)
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