Copper inches up on weaker dollar; investors watch US trade talks
The LME three-month copper gained 0.15 per cent to US$9,883.5 per metric ton by 0103 GMT, and the SHFE most-traded copper contract gained 0.1 per cent to 79,840 yuan (US$11,145.23).
"The worries on the rising US government deficit has weakened the dollar, (which is) supportive to commodities, and my focus for this week will be on the US trade talks," said a Beijing-based metals analyst from a futures company.
The dollar index, against a basket of currencies including the yen and the euro, fell 0.35 per cent to 96.86 on Monday, on track for its sixth straight month of losses, and set to mark its worst half-year since the 1970s.
A softer dollar makes greenback-priced commodities less expensive for buyers using other currencies.
The US and China had resolved issues around shipments of Chinese rare earth minerals and magnets to the US further modifying a May deal in Geneva, the US Treasury Secretary Scott Bessent had said last week.
Countries could still face sharply higher tariffs on July 9 even if they are negotiating in good faith, Bessent said, adding that any potential extensions will be up to Trump.
LME nickel fell 0.33 per cent to US$15,165 a ton, zinc eased 0.31 per cent to US$2,743, and lead fell 0.12 per cent to US$2,042.5.
SHFE nickel fell 0.65 per cent to 120,180 yuan, zinc fell 0.51 per cent to 22,320 yuan, tin dropped 0.27 per cent to 267,410 yuan, and lead ticked down 0.15 per cent to 17,120 yuan.
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