Copper prices rose on Tuesday, supported by a weaker dollar and as risk sentiment improved following a temporary suspension of the U.S. debt ceiling to avoid a default.
Three-month copper on the London Metal Exchange rose 0.4% to $8,167 a tonne by 0156 GMT, while the most-traded July copper contract on the Shanghai Futures Exchange advanced 0.5% to 65,220 yuan ($9,435.63) a tonne.
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The U.S. dollar fell against a basket of major currencies, after President Joe Biden and Republican House Speaker Kevin McCarthy agreed to temporarily suspend the debt ceiling and cap some federal spending in order to prevent a U.S. debt default.
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However, the agreement still needs to go through Congress where it could face a rocky path.
A softer dollar made greenback-priced metals cheaper to holders of other currencies.
LME nickel rose 2.4% to $21,670 a tonne, tin increased 4.2% to $25,880 a tonne, while aluminum fell 0.3% to $2,231.50 a tonne, zinc eased 0.3% to $2,335.50 a tonne and lead lost 0.6% to $2,065.50 a tonne.
SHFE nickel increased 3.3% to 166,770 yuan a tonne, tin jumped 4.1% to 211,380 yuan a tonne, while aluminum eased 0.4% to 18,000 yuan a tonne and lead dipped 0.2% to 15,210 yuan a tonne.
The premium of LME cash tin over the three-month contract
The International Tin Association said last week a detailed plan to suspend mining in a region in Myanmar controlled by an ethnic Wa militia force had been published this month, raising tin ore supply concerns.
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DATA/EVENTS (GMT)
0900 EU Consumer Confid. Final May
1400 US Consumer Confidence May
($1 = 6.9121 yuan) (Reporting by Mai Nguyen in Hanoi; Editing by Subhranshu Sahu)
