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BEIJING, Dec 26 (Reuters) – Copper prices rose on Monday, supported by a weak U.S. dollar and hopes of better demand after top consumer China’s pledged to boost its economy and real estate sector.
Three-month copper on the London Metal Exchange CMCU3 was up 0.8% at $8,378.50 a tonne by 0239 GMT, while the most-traded January copper contract on the Shanghai Futures Exchange SCFcv1 added 0.7% to 65,960 yuan ($9,455.28) a tonne.
The dollar slid against most currencies on Friday as data signalled that the U.S. economy is cooling a bit, reinforcing expectations of smaller interest rate increases from the Federal Reserve and improving investors’ risk appetite.
On Monday, the dollar index =USD slid 0.04% to 104.25. A weaker dollar makes the greenback-priced commodity more attractive for non-dollar buyers.
Raising hopes of policy support, a top advisor to the People’s Bank of China on Saturday called for strengthening of real estate policy in light of sluggish economic growth over the past several years.
Meanwhile, a key road for mining transportation in Peru was cleared after days of protests, a government minister said, as the country struggles with political tensions following the ousting and arrest of former President Pedro Castillo.
LME aluminium CMAL3 slid 0.4% at $2,395 a tonne, zinc CMZN3 advanced 1.1% to $2,979.50, lead CMPB3 rose 1.9% to $2,258.50, and tin CMSN3> was unchanged at $23,940.
SHFE aluminium SAFcv1 gained 0.1% to 18,645 yuan a tonne, zinc SZNcv1 rose 1.2% to 23,425 yuan, nickel SNIcv1 was up 0.3% at 217,080 yuan, and tin SSNcv1 added 0.3% to 197,050 yuan.
For the top stories in metals and other news, click TOP/MTL or MET/L
($1 = 6.9760 Chinese yuan)
(Reporting by Siyi Liu and Dominique Patton; editing by Uttaresh.V)
((Siyi.Liu@thomsonreuters.com;))
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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