China's manufacturing activity expanded for a third straight month in December but at a slower pace, an official factory survey showed, suggesting fresh stimulus measures are supporting the world's second-largest economy.
The dollar remained strong and was set for significant gains in 2024 as investors prepared for fewer US rate cuts next year and incoming US President Donald Trump's policies.
Rising US Treasury yields have been a boost for the dollar, with the key 10-year note hitting a more than seven-month high last week.
A stronger dollar makes it more expensive for holders of other currencies to buy greenback-priced commodities.
Three-month copper on the London Metal Exchange (LME) was relatively unchanged at $8,910.5 per metric ton by 0700 GMT, compared with the closing price of $8,559 on the last trading day of 2023.
"With the year's end approaching, copper consumption is trending lower seasonally, while stocks have increased slightly," analysts at Jinrui Futures said.
On a week-on-week basis, copper inventories in SHFE warehouses climbed 4.7 per cent to 74,172 tons on Dec. 27. However, the level was the lowest in 10 months.
The most-traded January copper contract on the Shanghai Futures Exchange (SHFE) slid 0.5 per cent to 73,770 yuan ($10,106.73)a ton by the close of Asia afternoon trade.
LME aluminium was relatively unchanged at $2,552.5 a ton, nickel rose 0.4 per cent to $15,470, zinc gained 0.7 per cent to $3,038.5, tin fell 1.1 per cent to $28,960, while lead was 0.3 per cent higher at $1,953.
Copper gains 4.1pc in 2024 as positive China data counters strong dollar
FE Team | Published: January 01, 2025 00:05:54
Copper gains 4.1pc in 2024 as positive China data counters strong dollar
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