February 2 (Reuters) – Copper rose on Wednesday as the dollar remained constrained after recently dropping from a 19-month peak, but the absence of local Chinese traders due to the week-long Lunar New Year holiday kept Asian trading range-bound and volumes thin.
Standard copper on the London Metal Exchange CMCU3 It rose 0.5% to $9,743 a ton, as of 0348 GMT, after a 2% gain in the previous session.
The dollar’s decline makes London Metal Exchange (LME) base metals priced in US dollars cheaper for buyers in other currencies.
* Chile’s Constituent Assembly on Tuesday approved an early-stage proposal that could nationalize the country’s copper industry, drawing an angry response from mining companies in the world’s largest producer of the red metal.
The escalation of geopolitical tensions surrounding Ukraine has fueled market anxiety over the supply of minerals, leading to a recent market rebound, as the United States threatened to impose economic sanctions on Russia, the commodity hub.
Russian President Vladimir Putin accused the West on Tuesday of deliberately creating a scenario designed to drag him into war and ignoring Russia’s security concerns over Ukraine.
* For top stories in minerals and other news, click top / mtl or dead / for Market news
Japanese stocks rose, as Wall Street’s overnight rally improved risk appetite. But despite losing 5.3% and 3.3% in January, respectively, the S&P 500 .SPX dao .DJI It has now recorded three consecutive days of gains, while the Nasdaq nineteenth Four positive sessions were recorded in the last five sessions. MKTS / GLOB
The dollar suffered on Wednesday as Federal Reserve officials played down the prospect of a half-point rate hike in March, and a rally in global stock markets tarnished some of its appeal as a safe haven.
1000 EU HICP Program YY Jan
1000 HICP-X Flash EU YY Jan
Three-month LME copper prices CMCU3
The most active copper ShFE SCFcv1
Three months LME aluminum CMAL3
Most Active ShFE Aluminum SAFcv1
Three months of zinc LME CMZN3
The most active zinc ShFE SZNcv1
Three months lead LME CMPB3
The most active bullets ShFE SPBcv1
Three months of LME nickel CMNI3
The most active ShFE nickel SNicv1
Three months LME tin CMSN3 Most active ShFE tin SSNcv1
(Reporting by Enrico Dela Cruz in Manila; Editing by Sherry Jacob Phillips)
The opinions and opinions expressed here are those of the author and do not necessarily reflect the views and opinions of Nasdaq, Inc.