METALS-Copper rises as softer dollar lends support

Credit: REUTERS/Maxim Shemetov

Jan 22 (Reuters) - Copper advanced on Monday supported by a weaker U.S. dollar, as traders and investors were cautious ahead of a slew of key central bank meetings.

Three-month copper on the London Metal Exchange CMCU3 rose 0.3% to $8,379 per metric ton by 0247 GMT, while the most-traded March copper contract on the Shanghai Futures Exchange SCFcv1 increased 0.7% to 68,090 yuan ($9,466.41) a ton.

The U.S. dollar struggled to keep gains in early Asian trade, as looming central bank decisions in Japan and Europe forced a pause in its data-spurred rally late last week.

A softer dollar makes greenback-priced metals cheaper to holders of other currencies.

LME aluminium CMAL3 advanced 0.6% to $2,179, zinc CMZN3 increased 0.4% to $2,472, while nickel CMNI3 was up 0.2% at $16,070, lead CMPB3 edged up 0.1% at $2,108.50 and tin CMSN3 rose 0.5% to $25,430.

SHFE aluminium SAFcv1 rose 0.5% to 18,780 yuan a ton, zinc SZNcv1 was up 0.3% at 20,775 yuan, lead SPBcv1 increased 1% to 16,475 yuan, tin SSNcv1 edged up 0.5% at 214,500 yuan while nickel SNIcv1 dropped 1% to 126,930 yuan.

China imported 10,104 metric tons of copper ore and concentrate from Australia last month, bringing the 2023 total volumes to the highest since June 2021, customs data showed, as Beijing eased an unofficial ban on Australian imports.

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Bank of Japan holds Monetary Policy Meeting (to Jan. 23)

($1 = 7.1928 yuan)

(Reporting by Mai Nguyen in Hanoi; Editing by Rashmi Aich)

((; Reuters Messaging:

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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