Copper pushes higher on Chinese buying, capped by firm dollar
XLB•Other base metals mostly firmer
Among other metals, LME aluminium CMAL3 dipped 0.2% to $3,261 a ton, zinc CMZN3 rose 0.5% to $3,944, lead CMPB3 edged up 0.2% to $1,940, nickel CMNI3 gained 1.3% to $16,525 and tin CMSN3 ticked 0.2% higher to $54,030.
$1 = 6.6997 Chinese yuan renminbi
Copper extends gains on Chinese restocking
Copper prices extended gains for a sixth session on Tuesday as top metals consumer China stocked up ahead of holidays, though a stronger dollar dampened the rise.
Benchmark three-month copper CMCU3 on the London Metal Exchange was up 0.7% at $14,770 a metric ton by 0930 GMT, having gained 1% in the previous session.
LME copper has climbed 18% so far this year, mostly due to large flows of metals to the US on speculation about tariffs on refined copper.
Copper hit a record peak of $14,875 on September 10, then tumbled after sources told Reuters that US officials were concerned that tariffs may raise costs for manufacturers.
Chinese buying and inventories support prices
"Copper is finding support from tightening physical market conditions in China," said Ewa Manthey, commodities strategist at ING.
