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Shanghai copper rangebound as rising inventories, weak demand offset US dollar
Shanghai copper was rangebound on Tuesday, as rising inventories and sluggish demand ahead of the Lunar New Year holiday offset a weaker U.S. dollar. The most-active copper contract on the Shanghai Futures Exchange closed daytime trading up 0.05% at 101,560 yuan ($14,695.41) a metric ton. It rose as much as 0.98% earlier in the session. The benchmark three-month copper on the London Metal Exchange, meanwhile, declined 0.76% to $13,076 a ton as of 0700 GMT, after declining as much as 0.89%. The U.S. dollar continued to weaken on Tuesday, making greenback-priced commodities more affordable to other currency holders. ... (full story)
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