Copper prices in London were steady on Thursday, hovering around a five-month high hit in the previous session, supported by a softer dollar on bets of interest rate cuts by the US Federal Reserve.
Three-month copper on the London Metal Exchange was almost unchanged at $8,687.50 per metric ton by 0444 GMT.
The contract hit its highest since Aug. 1 at $8,715 in the previous session.
The most-traded February copper contract on the Shanghai Futures Exchange edged up 0.3% at 69,360 yuan ($9,743.08) a ton.
It hit the highest since Aug. 1 earlier in the session at 69,870 yuan.
Both contracts are set to post a yearly gain.
The dollar hit a five-month low and was headed for a yearly decline after two years of strong gains as the market expects the US central bank to cut key policy rates next year. A weaker dollar makes greenback-priced metals cheaper to holders of other currencies.
LME aluminium was nearly flat at $2,388 a ton, nickel eased 0.3% to $16,880, zinc was unchanged at $2,641.50, lead advanced 0.2% to $2,091, while tin fell 0.4% to $25,550.
Copper steadies amid dollar weakness, supply concern
SHFE aluminium rose 1.1% to 19,480 yuan a ton, nickel increased 0.1% to 129,720 yuan, zinc climbed 0.7% to 21,490 yuan, lead advanced 0.7% to 15,880 yuan and tin was up 0.6% at 213,250 yuan.
On a yearly basis, LME nickel was headed for its steepest loss since 2008, down 43.8% so far this year.
The metal is under oversupply pressure amid soft demand and surging output in Indonesia.
SHFE nickel is on track for its biggest yearly decline since the contract started trading in 2015, down 35.7% so far this year.
Source: Brecorder
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