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METALS-Copper edges higher; subdued China demand checks gains
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METALS-Copper edges higher; subdued China demand checks gains
Jun 25, 2024 12:36 AM

(Updates prices)

NEW DELHI, June 25 (Reuters) - Copper futures were

marginally up as the U.S. dollar eased slightly but subdued

demand in top consumer China kept gains in check.

Three-month copper on the London Metal Exchange was

up 0.03% at $9,664 per metric ton, as of 0708 GMT.

In the broader market, the dollar eased slightly ahead of

Friday's release of the U.S. personal consumption expenditures

(PCE) price index - the Federal Reserve's preferred measure of

inflation.

A weaker dollar makes greenback-priced metals cheaper for

holders of other currencies.

The most-traded July copper contract on the Shanghai Futures

Exchange was down 0.1% at 78,670 yuan ($10,832.81) a

ton.

"As we settle into a summer market, volumes and volatility

will likely soften," Sucden Financial said in a note.

"We believe that the market still has more room on the

upside, but the timing is now extended, given a defensive

market. We expect metals to remain in range in the near term."

LME aluminium was 0.1% higher at $2,506 a ton,

nickel edged 0.2% lower to $17,295, zinc edged

up 0.1% to $2,850, lead eased 0.6% to $2,169, and tin

was down 0.3% at $32,650.

SHFE aluminium eased 0.3% to 20,325 yuan a ton,

nickel was up 1% at 135,550 yuan, lead edged

up 0.2% at 18,885 yuan while zinc fell 0.5% to 23,660

yuan and tin gained 0.2% to 273,140 yuan.

For the top stories in metals and other news, click

or

($1 = 7.2622 Chinese yuan renminbi)

(Reporting by Neha Arora; Editing by Rashmi Aich and Mrigank

Dhaniwala)

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