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Updates prices, adds quotes
Feb 14 (Reuters) – Copper prices edged higher on Tuesday, as a weaker U.S. dollar made greenback-denominated metals more attractive to holders of other currencies.
Three-month copper on the London Metal Exchange CMCU3 rose 0.3% to $8,962 a tonne by 0621 GMT, while the most-traded March copper contract on the Shanghai Futures Exchange SCFcv1 gained 0.7% to 68,630 yuan ($10,070.29) a tonne.
The dollar slipped as investors braced for the U.S. consumer price index data due later in the day, amid tentative signs that inflation there is cooling.
“Commodity markets will be eagerly awaiting today’s U.S. CPI data, which will shed some light on how much more work the U.S. Fed (Federal Reserve) has to do to bring down inflation,” ING analysts said in a report.
Freeport-McMoRan Inc FCX.Ncut its first-quarter copper sales forecast after heavy rains and landslides shut operations at its Grasberg mine in Indonesia over the weekend, with the mine not expected to be back online until the end of the month.
However, copper bulls are still exercising caution given the lack of speedy demand recovery in top consumer China.
“Following the end of the Chinese New Year holidays, there is a lack of consumption out of the region. Stimulus is not being realised, but the sentiment is also low, with consumer propensity to spend low,” Sucden Financial said in a report.
“Metals are in contango, and with premiums low, underlying consumption is not yet there,” it added.
LME aluminium CMAL3 advanced 0.8% to $2,432.50 a tonne and lead CMPB3 increased 0.6% to $2,108.50, while tin CMSN3 fell 1.7% to $27,055.
SHFE aluminium SAFcv1 edged up 0.4% to 18,600 yuan a tonne, zinc SZNcv1 advanced 0.6% to 23,150 yuan and lead SPBcv1 increased 0.3% to 15,280 yuan, while tin SSNcv1 fell 0.8% to 215,160 yuan and nickel SNIcv1 dropped 2.1% to 207,120 yuan.
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($1 = 6.8151 yuan)
(Reporting by Mai Nguyen in Hanoi; Editing by Subhranshu Sahu and Eileen Soreng)
((mai.nguyen@thomsonreuters.com; Reuters Messaging: mai.nguyen.thomsonreuters.com@reuters.net))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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