SHANGHAI, Dec 27 (Reuters): Base metal prices were mixed on Friday, moving within tight ranges with the strong dollar limiting gains, although copper found support from supply tightness in copper concentrate.
The three-month copper on the London Metal Exchange (LME) rose 0.4 per cent to $8,990 per metric ton by 0140 GMT.
China's top copper smelters agreed on price guidance for copper concentrate processing treatment and refining charges (TC/RCs) in the first quarter of 2025 at $25 per metric ton and 2.5 cents per pound, down 28.6 per cent from the fourth-quarter guidance of $35 per ton and 3.5 cents per pound, reflecting a lingering shortage of copper concentrate.
The charges tend to fall when ore supply declines and rise when more concentrate is available.
Meanwhile, the US dollar index hovered near the two-year high of $108.43 hit last Thursday and was trading at $108.15 at 0140 GMT.
"The hawkish tone from the Federal Reserve regarding potential interest rate cuts next year has kept the dollar strong. Overall, uncertainties in the macroeconomic environment have posed upward restraint on metal prices," Citic Futures said in a note.
A stronger dollar makes it more expensive for other currency holders to buy greenback-priced commodities, thus keeping metals prices under pressure.
The most-traded January copper contract on the Shanghai Futures Exchange (SHFE) gained 0.2 per cent to 74,290 yuan ($10,178.52)a ton.
LME aluminium slid 0.9 per cent to $2,542 a ton, nickel increased 0.5 per cent to $15,565, zinc fell 0.3 per cent to $3,041, tin was up 0.5 per cent at $28,955, while lead was 0.8 per cent lower at $1,968.
SHFE aluminium decreased 0.3 per cent to 19,760 yuan a ton, nickel rose 0.3 per cent to 126,170 yuan, zinc slid 0.6 per cent to 25,320 yuan, lead slid 1.8 per cent to 17,060 yuan, and tin edged down 0.1 per cent at 244,580 yuan.
