Copper prices advanced on Thursday on a weaker dollar as investors’ sentiment improved amid strong earnings in the U.S. market, while a lower-than-expected metals sales plan by China also supported the red metal.
Three-month copper on the London Metal Exchange was up 1% at $9,439.50 a tonne, as of 0753 GMT, while the most-traded August copper contract on the Shanghai Futures Exchange increased 1.1% to 68,960 yuan ($10,666.01) a tonne.
The safe-harbor dollar was on the back foot, after pulling back from multi-month highs as strong earnings lifted Wall Street stocks, making greenback-priced metals cheaper to holders of other currencies.
China will sell another 30,000 tonnes of copper, 90,000 tonnes of aluminum, and 50,000 tonnes of zinc from its state reserves on July 29, less than the market has anticipated.
The auction marked the second sale by China this month as the government aims to rein in skyrocketing commodity prices.
Analysts at ANZ said in a note that the additional m
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