METALS-Copper edges higher in range-bound Asian trading

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.

The basics

* 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.

Data/Events (GMT)

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)

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