BEIJING — Copper prices rose on Monday, supported by a weak U.S. dollar and hopes of better demand after top consumer China’s pledged to boost its economy and real estate sector.
The most-traded January copper contract on the Shanghai Futures Exchange added 0.7% to 65,960 yuan ($9,455.28) a tonne.
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The dollar slid against most currencies on Friday as data signaled that the U.S. economy is cooling a bit, reinforcing expectations of smaller interest rate increases from the Federal Reserve and improving investors’ risk appetite.
On Monday, the dollar index slid 0.04% to 104.25. A weaker dollar makes the greenback-priced commodity more attractive for non-dollar buyers.
Raising hopes of policy support, a top advisor to the People’s Bank of China on Saturday called for strengthening of real estate policy in light of sluggish economic growth over the past several years.
Meanwhile, a key road for mining transportation in Peru was cleared after days of protests, a government minister said, as the country struggles with political tensions following the ousting and arrest of former President Pedro Castillo.
SHFE aluminum gained 0.1% to 18,645 yuan a tonne, zinc rose 1.2% to 23,425 yuan, nickel was up 0.3% at 217,080 yuan, and tin added 0.3% to 197,050 yuan.
For the top stories in metals and other news, click or ($1 = 6.9760 Chinese yuan) (Reporting by Siyi Liu and Dominique Patton; editing by Uttaresh.V)