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Sept 19 (Reuters) – Copper prices rose on Monday as a weaker dollar made greenback-priced metals cheaper for holders of other currencies, but tepid global demand kept a lid on gains.
Three-month copper on the London Metal Exchange CMCU3 rose 0.5% to $7,804 a tonne by 0325 GMT, and the most-traded October copper contract on the Shanghai Futures Exchange SCFcv1 advanced 1% to 62,650 yuan ($8,940.42) a tonne.
The dollar held below a two-decade peak versus major peers, with market participants looking to key central bank meetings this week.
Prices of copper, often used as a gauge of global economic health, have dropped 28% from record-high levels hit in March as tighter monetary policy to tackle heated inflation threatens to hurt growth and metals demand.
ShFE nickel SNIcv1 increased 2.9% to 190,760 yuan a tonne, tin SSNcv1 rose 1.1% to 178,020 yuan a tonne and aluminium SAFcv1 fell 0.9% to 18,760 yuan a tonne.
China’s aluminium imports in August dropped 19% from a year earlier to 200,440 tonnes, reflecting a weaker import appetite amid record-high domestic production and tight overseas supply.
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TOP/MTL or MET/L DATA/EVENTS (GMT)
No major data/events expected on Monday
(Reporting by Mai Nguyen in Hanoi; Editing by Devika Syamnath)
((mai.nguyen@thomsonreuters.com; +842438259623; 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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