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Updates prices
BEIJING, Dec 26 (Reuters) – Copper prices in Shanghai 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.
The most-traded January copper contract on the Shanghai Futures Exchange SCFcv1 added 0.8% to 66,010 yuan a tonne as of 0614 GMT.
The London Metals Exchange is closed on Monday for the Christmas holiday.
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 0.09% to 104.20. 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.
SHFE aluminium SAFcv1 gained 0.4% to 18,695 yuan a tonne, zinc SZNcv1 rose 1.6% to 23,515 yuan, nickel SNIcv1 was up 0.8% at 218,100 yuan, and tin SSNcv1 added 0.5% to 197,500 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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