Home Economy METALS-London copper rises as weaker dollar lifts metal’s appeal

METALS-London copper rises as weaker dollar lifts metal’s appeal

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July 29 (Reuters) – London copper prices advanced on Thursday, supported by a weaker dollar that makes greenback-priced metals cheaper and more appealing to holders of other currencies.

The dollar hovered around a two-week low, weighed down by the latest insistence from Federal Reserve Chairman Jerome Powell that rate increases aren’t on the radar.

Three-month copper on the London Metal Exchange rose 0.6% to $9,746 a tonne by 0246 GMT, while the most-traded September copper contract on the Shanghai Futures Exchange fell 0.8% to 71,550 yuan ($11,044.73) a tonne, tracking overnight losses in London.

FUNDAMENTALS

* LME nickel rose 0.8% to $19,695 a tonne, aluminium fell 0.4% to $2,528 a tonne, ShFE nickel climbed 0.8% to 147,150 yuan a tonne and ShFE aluminium advanced 0.5% to 19,560 yuan a tonne.

* The premium of LME cash aluminium over the three-month contract CMAL0-3 stretched to $9.25 a tonne, the most since June 17, indicating tightening nearby…

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