BEIJING: Copper prices were stuck in a narrow range on Monday, as investors assessed the US interest rate cut outlook and demand from top consumer China.
Three-month copper on the London Metal Exchange nudged up 0.1% to $9,245.50 per metric ton by 0131 GMT, after posting a slight gain in August, with rising prospect of a September rate cut.
The most-traded October copper contract on the Shanghai Futures Exchange dipped 0.2% to 73,860 yuan ($10,417.49) a ton.
The dollar was hanging on to gains made on Friday after upbeat spending figures led markets to trim the chance of a half-point easing from the Federal Reserve.
A strong dollar makes it more expensive to buy the greenback-priced commodity and hence weighs down metals prices.
Crucial for the Fed will be the payrolls report later this week.
Also weighing on the market was demand from China.
Copper claws higher on China hopes, set for monthly gain
Copper stocks have declined in recent weeks after lowered prices encouraged buying, also with a traditional good autumn season.
LME aluminium edged 0.1% lower to $2,445 a ton, nickel slid 0.7% to $16,650, zinc moved 0.7% lower to $2,877, lead increased 0.5% to $2,063 and tin lost 0.9% at $32,055.
SHFE aluminium slipped 0.5% to 19,650 yuan a ton, lead gained 0.2% to 17,330 yuan, while nickel fell 2.7% to 127,960 yuan, zinc trimmed 0.9% lower to 23,815 yuan and tin lost to 260,290 yuan.
Source: Brecorder
