METALS-Copper near 1-month high in mixed base metal trading

Reuters
14 Jan
METALS-Copper near 1-month high in mixed base metal trading

Updates prices and adds quote

By Violet Li and Mei Mei Chu

SHANGHAI, Jan 14 (Reuters) - Base metals were largely mixed on Tuesday with copper trading near its one-month high, although a strong U.S. dollar capped the gains.

Three-month copper CMCU3 on the London Metal Exchange $(LME.UK)$ rose 0.5% to $9,138 per metric ton by 0337 GMT.

The dollar hung near its highest in more than two years as traders scaled back rate-cut bets in 2025 after data released last week showed an unexpected job growth acceleration and a 4.1% decline in unemployment rate for last month.

The dollar index =USD, which measures the U.S. currency versus six other units, was 0.1% higher at 109.54, as of 0337 GMT, not far from the 26-month high of 110.17 touched on Monday.

A stronger dollar makes greenback-priced commodities more expensive for holders of other currencies.

With President-elect Donald Trump set to return to the White House next week, the focus has been on his policies that analysts expect will boost growth but add to price pressures.

The threat of Trump tariffs, along with the Federal Reserve's stated measured approach to rate cuts this year, have lifted Treasury yields and the dollar.

"China's commodity imports for December remained relatively strong, reflecting the modest improvement in manufacturing activity in Q4 2024," ANZ Research said in a note.

China's imports of unwrought copper and copper products hit a 13-month high in December, rising by nearly 18% year-on-year, customs data showed.

The most-traded February copper contract on the SHFE SCFcv1 gained 0.1% to 75,370 yuan ($10,282.12) a ton by the end of Asia morning trade session.

LME aluminium CMAl3 rose 0.2% to $2,584 a ton, tin CMSN3 fell 0.2% to $29,795, nickel CMNI3 slipped 0.3% to $15,850, lead CMPB3 slid 0.8% to $1,943 and zinc CMZN3 added 0.3% to $2,873.

SHFE aluminium SAFcv1 rose 0.4% to 20,320 yuan a ton, nickel SNIcv1 gained 0.8% to 127,840 yuan, zinc SZNcv1 remained flat at 24,230 yuan, lead SPBcv1 lost 0.9% to 16,475 yuan and tin SSNcv1 shed 1.0% to 248,150 yuan.

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($1 = 7.3302 Chinese yuan)

(Reporting by Violet Li and Mei Mei Chu; Editing by Sumana Nandy and Subhranshu Sahu)

((Violet.Li@thomsonreuters.com;))

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