Copper climbs with Chinese currency recovery

LONDON, Sept 11 (Reuters): Copper prices rose on Monday as a stronger Chinese currency, a weaker dollar and buoyant loan data from top consumer China fuelled purchases by traders that use algorithms to generate buy and sell signals.
Becnhmark copper on the London Metal Exchange (LME) was up 1.3 per cent at $8,353 a metric ton at 1135 GMT. Prices of the metal used widely in the power and construction industries touched a three-week low of $8,213 a tonne on Friday.
A weaker U.S. currency makes dollar-denominated commodities cheaper for holders of other currencies, which could boost demand and prices. This relationship is used by algorithmic traders known as high frequency traders (HFTs).
China's central bank helped to strengthen the yuan against the dollar by setting the daily midpoint guidance with the biggest bias on record, signalling increasing discomfort with the currency's recent weakness.