Copper recovers from early losses while closing higher in Shanghai, despite rising inventories
XLB•Other metals mostly firmer
Among other LME metals, aluminium CMAL3 rose 0.45%, zinc CMZN3 gained 0.64%, lead CMPB3 added 0.34% and tin CMSN3 rose 0.04%.
On the SHFE, aluminium SAFcv1 rose 0.61%, zinc SZNcv1 gained 1.05% and lead SPBcv1 added 0.50%, while tin SSNcv1 slipped 0.14%.
Dollar and Fed meeting in focus
The U.S. dollar =USD edged higher on Monday but remained near multi-month lows after falling sharply last week. A stronger dollar makes greenback-priced metals more expensive for holders of other currencies.
The market will monitor this week's Jackson Hole meeting and the Federal Reserve Chair's speech for more interest-rate clues.
