Copper Edges Up

Copper edged higher on Monday after China and the United States put their trade row “on hold”, easing concerns that the dispute could escalate, although headwinds from a stronger dollar capped further gains, Reuters reported. “It appears that America and China have moved towards a trade deal, which will mean the expansion of US goods purchased by China, and thus, avoiding the prospect of an out-and-out trade war,” said Kingdom Futures in a report. The “risk on” sentiment spurred gains in Hong Kong shares and also metals, with the exception of aluminum, which was pressured by more than 100,000 tons of inflow last week, and nickel, which has not been able to beat technical resistance at 15,000 a ton, it said. Three-month copper on the London Metal Exchange was up 0.1% at $6,860 a ton, reversing small losses from the previous session. Prices have been caught in a tight $6,765-$6,900 range for the past week. Shanghai Futures Exchange copper also edged up by 0.3% to 51,370 yuan ($8,037) a ton.