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Industrial metals rise as dollar drops after Powell testimony

Mount Equity Group Tokyo, Japan > News > Markets > Industrial metals rise as dollar drops after Powell testimony

Jan 12 (Reuters) – Industrial metals rose on Wednesday, lifted by the dollar that weakened after U.S. Federal Reserve Chairman Jerome Powell made less hawkish comments during his renomination hearing.

Three-month copper on the London Metal Exchange was up 0.8% at $9,800 a tonne by 0400 GMT. The most-traded February copper contract on the Shanghai Futures Exchange climbed 1.9% to 70,860 yuan ($11,132.93) a tonne.

Powell said while the U.S. economy was ready for tighter monetary policy, it may take several months to make a decision on running down the central bank’s $9 trillion balance sheet. read more

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The dollar index slipped to its lowest level since Nov. 30, making metals priced in dollar cheaper for holders of other currencies.

Meanwhile, nickel and tin in China scaled record peaks amid tightening inventories.

FUNDAMENTALS

* LME aluminium rose 0.4% to $2,981.5 a tonne,…

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