Copper steadies near three-week low amid easing LME tightness
XLB•Copper holds near three-week low
Copper held near a three-week low on Tuesday as an early rebound faded, while physical buying in China showed signs of improvement and inventories in London Metal Exchange warehouses rose.
Three-month copper on the LME CMCU3 edged up 0.10% to $14,014.50 a metric ton by 0700 GMT, after hitting a more than three-week low of $13,958 on Monday.
The most-traded copper contract on the Shanghai Futures Exchange SCFcv1 closed 1.07% lower at 107,030 yuan ($15,944.40) a ton, after touching 106,650 yuan during overnight trading, its lowest level in more than three weeks.
China buying improves as prices ease
Lower prices encouraged some physical buying in China, with demand showing signs of recovery, traders said, after a selloff triggered by a Reuters report last week that the White House was hesitant to impose tariffs on the red metal.
