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Copper dips as dollar crawls up, stockpiles rise

Mount Equity Group Tokyo Japan > News > Markets > Copper dips as dollar crawls up, stockpiles rise

Dec 9 (Reuters) – London copper prices slipped on Thursday as the dollar ticked higher, while signs of easing tightness in nearby supplies of the metal also weighed on the market.

Three-month copper on the London Metal Exchange fell 0.3% to $9,622 a tonne, as of 0315 GMT, while the most-traded January copper contract on the Shanghai Futures Exchange was up 0.1% at 69,800 yuan ($11,002.35) a tonne.

The dollar index inched 0.1% higher on early data hinting the Omicron coronavirus variant may not be as bad as feared. A stronger dollar makes the greenback-denominated commodity more expensive for those holding other currencies.

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On-warrant LME inventories rose to 72,975 tonnes, their highest since Oct. 8. They were, however, down 69% from August high of 238,725 tonnes.

Premium for LME cash copper over the three-month contract fell to $2.30 a tonne, its lowest since Sept. 17,…

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