Base metals gain on weaker dollar, China support

BEIJING, Feb 7 (Reuters): Prices of most base metals gained on Wednesday, thanks to a weaker US dollar and more upbeat sentiment, boosted by Beijing's latest effort to support its stock market.
Three-month copper on the London Metal Exchange was up 0.3 per cent at $8,424 per metric ton by 0206 GMT, while the most-traded March copper contract on the Shanghai Futures Exchange held steady at 68,140 yuan per tonne.
The dollar index dipped on Wednesday, a second day of slide after it rose to its highest level in almost three months, as strong economic data and the Federal Reserve's hawkish stance on interest rates bolstered the US currency.
A weaker dollar makes it cheaper for non-dollar holders to purchase the greenback-priced commodity.
Meanwhile, a raft of measures by the Chinese regulator to support share prices after the market plunged to five-year lows boosted sentiment. Production at mines owned by Chile's cash-strapped copper miner Codelco fell to 1.325 million metric tons in 2023, the company's chief executive told Reuters on Tuesday, promising a slight recovery in the coming year.
LME aluminium edged up 0.1 per cent to $2,232, nickel was little changed at $15,920, zinc advanced 0.4 per cent to $2,441, lead climbed 0.3 per cent to $2,120 and tin was steady at $25,187.
SHFE aluminium rose 1 per cent to 18,960 yuan a ton, zinc added 0.2 per cent at 20,565 yuan and tin moved 0.7 per cent higher to 209,690 yuan, while lead dipped 0.2 per cent to 16,170 yuan and nickel slipped 0.5 per cent at 123,900 yuan.