METALS-Copper hits over one-week high on softer dollar, China demand hopes
By Amy Lv and Lewis Jackson
BEIJING, Aug 11 (Reuters) - Copper futures climbed on Monday to hit their highest in more than a week, aided by a softer dollar and China demand hopes, even though supply concerns eased after Codelco got the nod to restart operations at the El Teniente mine in Chile.
The most-traded copper contract on the Shanghai Futures Exchange SCFcv1 closed daytime trade 0.77% higher at 79,020 yuan ($11,001.74) a metric ton, its highest level since July 30.
Benchmark three-month copper CMCU3 on the London Metal Exchange touched an intraday high of $9,796 a ton earlier in the session, the highest level since July 31.
A softer dollar =USD amid growing expectations for a U.S. interest rate cut in September supported prices of copper, which is used in power and construction.
A weaker dollar makes commodities priced in the greenback less expensive for buyers using other currencies.
Also, underpinning copper prices were expectations of growing demand from top consumer China in the peak demand season in September.
However, gains were curbed by easing supply concerns as miner Codelco received authorisation from Chile's labour inspector office to begin resuming certain operations at its flagship El Teniente copper mine.
Operations at the mine were suspended for more than a week following a deadly collapse that killed six workers.
Weaker-than-expected China factory-gate data also capped the gains in copper prices.
China's producer prices fell more than expected in July, underscoring the impact of sluggish domestic demand and persistent trade uncertainty on consumer and business sentiment.
SHFE zinc SZNcv1 rose 0.33%, lead SPBcv1 advanced 0.24%, nickel SNIcv1 ticked 0.77% higher, tin SSNcv1 added 0.1% and aluminium SAFcv1 gained 0.19%.
LME zinc CMZN3 edged up 0.25%, tin CMSN3 added 0.4%,lead CMPB3 added 0.2%, nickel CMNI3 climbed 0.93% while aluminium CMAL3 nudged up 0.15%.
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($1 = 7.1825 Chinese yuan)
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