Copper rises for sixth session on Chinese buying, firm dollar caps gains
XME•US futures gain as traders watch Trump-Xi meeting
US Comex copper futures HGc4 gained 1% to $6.83 a lb, bringing the premium of Comex over LME copper to $310 a ton.
Prices may be approaching a ceiling, said Robert Montefusco at broker Sucden.
"I think it's a little bit inflated up here. If it gets any higher, I think a lot of the producers in China are going to start selling because they're not convinced it's going to stay this high," Montefusco said.
Traders were awaiting a meeting between US President Donald Trump and Chinese President Xi Jinping later this week for signals on trade ties and the global economic outlook.
Among other metals, LME aluminium CMAL3 dipped 0.3% to $3,256.50 a ton, zinc CMZN3 slipped 0.4% to $3,911 and lead CMPB3 lost 0.3% to $1,931.50 while nickel CMNI3 climbed 1.8% to $16,610 and tin CMSN3 rose 0.9% to $54,400.
