Market Overview: Mixed Performance in Base Metals as Strong Dollar Weighs In

Forex - Most base metal prices traded within narrow ranges amid mixed trends influenced by economic data from China and the U.S., with gains limited by a strengthening U.S. dollar. Three-month copper on the London Metal Exchange (LME) traded at $8,804 per ton, unchanged at 06:31 GMT. The January copper contract on the Shanghai Futures Exchange (SHFE) fell by 0.5% to 72,930 yuan per ton ($9,991.23). Today, the dollar is set to post its best weekly performance in over a month, driven by expectations that U.S. interest rate cuts will slow down after weekly unemployment claims declined more than expected. Analysts noted that the dollar continues to remain strong, exerting downward pressure on copper prices. On the LME, aluminum rose by 0.1% to $2,530.5 per ton, nickel increased by 0.1% to $15,090 per ton, zinc fell by 0.4% to $2,914 per ton, tin rose by 1.1% to $28,860 per ton, and lead decreased by 0.2% to $1,931 per ton. On the SHFE, aluminum fell by 0.1% to 19,880 yuan per ton, nickel decreased by 1.5% to 122,520 yuan per ton, zinc declined by 2.5% to 24,565 yuan per ton, lead dropped by 0.7% to 16,690 yuan per ton, and tin fell by 0.2% to 244,360 yuan per ton.