Copper gains on Mideast de-escalation, oil price drop
XLB•Other LME and SHFE metals mostly mixed
Among other LME metals, aluminium CMAL3 dipped 0.11%, zinc CMZN3 added 0.31%, lead CMPB3 dipped 0.16%, nickel CMNI3 lost 0.63% and tin CMSN3 gained 0.78%.
Elsewhere on SHFE, aluminium SAFcv1 dipped 0.15%, zinc SZNcv1 added 0.32%, lead SPBcv1 lost 1.17%, nickel SNIcv1 lost 0.39% and tin SSNcv1 rose 1.76%.
($1 = 6.7681 Chinese yuan renminbi)
Fed meeting, dollar moves and inventories remain in focus
The market will be closely watching Wednesday's U.S. Federal Reserve meeting for its interest rate decision. Rates are expected to remain flat, with interest-rate traders pricing in a 63.7% chance there will be no rate change at this meeting, according to the CME's FedWatch tool.
Non-yielding gold XAU= gained, and the dollar index .DXY edged lower. A cheaper dollar makes commodities like copper, traded in the greenback, more affordable for buyers using other currencies.
Copper has been supported by waning stocks outside the U.S. The metal has been shipped into the country at scale ahead of potential tariffs on refined copper.
In top consumer China, copper in SHFE-monitored warehouses CU-STX-SGH fell 12.9% last week, to their lowest level since February 2024, at 69,610 tons. Overall LME copper stocks MCUSTX-TOTAL are at their lowest since March.
Copper firms on easing Middle East tensions and lower oil prices
SINGAPORE, July 27 (Reuters) - Copper prices firmed up on Monday, buoyed by a nascent halt in fighting between the U.S. and Iran and oil market relief.
Benchmark three-month copper CMCU3 on the London Metal Exchange gained 0.26% at $13,681 a metric ton by 0300 GMT. The most-traded copper contract on the Shanghai Futures Exchange SCFcv1 was up 0.27% at 105,010 yuan ($15,515.43) a ton.
