Prices of copper were steady on Wednesday, supported by a weak dollar and concern over tight global raw material supplies.
Three-month copper on the London Metal Exchange gained 0.3% to USD 8,603 per metric ton by 0158 GMT as trade resumed after the Christmas holiday.
The most-traded February copper contract on the Shanghai Futures Exchange was little changed at 69,150 yuan (USD 9,672.28) per ton.
The dollar index edged higher, but held close to a five-month low. The greenback was on track for its worst performance since 2020 against a basket of currencies as rising expectation of interest rate cuts from the Feral Reserve dents the appeal of the U.S. currency relative to peers.
A weaker dollar makes it cheaper to buy the greenback-priced metal.
Spot demand in China was subdued after a burst of restocking seen recently, reversing premiums to discounts of 110 yuan per ton on Tuesday .
That said, the market was still underpinned by concern over tight raw material supplies amid recent mine closures and expectation of tight supply in 2024.
LME aluminium shed 0.9% at USD 2,305 a ton, zinc slid 0.3% to USD 2,594, while lead climbed 0.4% to USD 2,072, nickel added 1.8% at USD 16,800, and tin rose 2.9% to USD 25,575.
SHFE aluminium increased 0.3% to 19,245 yuan a ton, tin rose 2.5% to 213,360 yuan, lead ticked 0.2% up to 15,750 yuan, while zinc slipped 0.4% to 21,305 yuan and nickel was down 0.4% to 129,990 yuan.
