Mumbai, 3 Jul (Commoditiescontrol): Copper prices steadied on Wednesday, supported by a weakening U.S. dollar, as investors awaited key economic data from major economies for insights into the global demand outlook.
On the London Metal Exchange (LME), three-month copper added 0.1% to $9,680.50 per metric ton by 0145 GMT. Meanwhile, the most-traded August copper contract on the Shanghai Futures Exchange rose 0.3% to 78,930 yuan ($10,853.06) per ton.
Market participants are closely watching manufacturing data releases from China, Germany, and France later today, as well as a series of U.S. economic indicators, including jobless claims.
Federal Reserve Chair Jerome Powell's comments on Tuesday were interpreted as moderately dovish, suggesting the U.S. central bank is likely to start easing monetary policy later this year. This sent the dollar lower, making dollar-priced commodities like copper less expensive for buyers using other currencies.
Copper found additional support in previous sessions after a private index indicated that factory activity among smaller Chinese manufacturers grew at the fastest pace since 2021, driven by overseas orders. Supply shortages also bolstered copper prices. Miner Freeport McMoRan reported on Tuesday that its second-quarter sales are expected to be lower than anticipated due to a delay in obtaining an export license for its Indonesian subsidiary.
Other metals on the LME also showed mixed movements: zinc climbed 0.4% to $2,934.50 per ton, lead added 0.4% to $2,212, and nickel increased 0.9% to $17,155, while tin slipped 0.4% to $32,790 and aluminum edged down 0.1% to $2,520.
On the Shanghai Futures Exchange, zinc gained 0.4% to 24,535 yuan per ton, aluminum rose 0.3% to 20,420 yuan, while nickel shed 0.5% to 136,930 yuan, lead dropped 0.4% to 19,595 yuan, and tin slid 0.6% to 272,780 yuan.
(By Commoditiescontrol Bureau: 09820130172)
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