METALS-Copper prices advance on soft dollar, tight inventories
By Lucas Liew
Sept 9 (Reuters) - Copper prices climbed across major exchanges on Tuesday, supported by a weaker dollar and tighter inventories globally.
Three-month copper on the London Metal Exchange CMCU3 was up 0.33% at $9,948 per metric ton, as of 0228 GMT, while the most-traded copper contract on the Shanghai Futures Exchange SCFcv1 edged 0.06% higher to 79,780 yuan ($11,200.02) a ton.
The dollar index =USD, which measures the U.S. currency against six major peers, weakened to an almost seven-week low as dismal U.S. jobs data strengthened the case for Federal Reserve rate cuts. USD/
A softer dollar makes greenback-denominated assets more affordable to holders of other currencies, while lower interest rates improve prospects for growth-dependent metals. FRX/
Coupled with increased smelter maintenance in September and the gradual onset of the peak consumption season, low domestic inventories continue to provide strong support for copper prices, said Chinese data provider Shanghai Metal Network.
Still, elevated copper prices are creating caution in downstream markets, resulting in subdued purchasing activity, according to Chinese broker Everbright Futures.
China's imports of copper concentrate increased for a second consecutive month in August, boosted by higher exports from a major Indonesian mine, which aims to ship up to 90% of its 1.27 million ton quota by September 16.
Copper inventories in LME-registered warehouses MCUSTX-TOTAL dipped to 155,825 tons.
Among other London metals, aluminium CMAL3 rose 0.17% to $2,622 a ton, nickel CMNI3 edged 0.04% higher to $15,235, tin CMSN3 gained 0.26% to $34,350, and zinc CMZN3 climbed 0.16% to $2,881, while lead CMPB3 eased 0.03% to $1,991.5.
SHFE aluminium SAFcv1 rose 0.31% to 20,775 yuan, lead SPBcv1 increased 0.18% to 16,920 yuan, and zinc SZNcv1 edged 0.04% higher to 22,255 yuan, while nickel SNIcv1 dipped 0.32% to 121,120 yuan and tin SSNcv1 lost 0.34% to 270,190 yuan.
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