Copper holds steady as higher supply offsets dollar support

BEIJING: Prices of copper traded within a tight range on Monday, as investors weighed demand uncertainty and higher supplies against support from a weaker US dollar.\nThree-month copper on the London Metal Exchange little moved at $8,171 per metric ton by 0144 GMT, after recording a weekly gain on Friday.\nThe most-traded December copper contract on the Shanghai Futures Exchange lost 0.4% to 67,380 yuan ($9,245.08) per ton.\nThe metal used in power, transportation and construction sectors, is facing slower seasonal consumption in the winter, while a patchy economic recovery in China also added uncertainty in its demand outlook.\nMeanwhile, stocks on LME warehouses have largely climbed, despite a recent decline. Copper stocks on SHFE warehouses rise 11.3% last Friday, but still around an one-year low level.\n Copper down on higher stocks, concerns about demand in China \nThe dollar index hovered around its six-week low on Monday, as US job data released last Friday reinforced investors’ expectation the Federal Reserve to hold interest rates steady again at its December meeting.\nLME aluminium eased 0.2% at $2,250.50 a ton, tin dipped 0.3% to $24,285, zinc shed 0.4% to $2,514, lead nudged down 0.2% to $2,166.50, and nickel fell 0.9% to $18,060.\nSHFE aluminium nudged 0.2% lower to 19,150 yuan a ton, zinc slid 0.2% to 21,380 yuan, lead added 0.4% to 16,615 yuan, nickel was up 0.4% to 142,680 yuan, and tin ticked 0.5% up to 207,160 yuan.\nSource [Business Recorder – Latest News](https://www.brecorder.com/news/40271895/copper-holds-steady-as-higher-supply-offsets-dollar-support)