May 2 (Reuters) –Prices of nonferrous metals in London rose on Thursday, as a softer dollar made greenback-priced metals cheaper to holders of other currencies.
Three-month copper on the London Metal Exchange (LME) CMCU3 rose 0.4% to $9,939.50 per metric ton by 0236 GMT, aluminum CMAL3 edged up 0.3% at $2,585, nickel CMNI3 advanced 0.1% to $18,905, tin CMSN3 climbed 1.6% to $31,080.
LME zinc CMZN3 fell 0.1% to $2,877 a ton while lead CMPB3 was flat at $2,180.
The dollars fell after the Fed signaled it was still leaning toward eventual reductions in interest rates, but repeated that it wants to gain “greater confidence” that inflation will continue to fall before cutting rates.
Trading volume was thin due to a public holiday in top consumer China.
China’s copper producers are planning to export up to 100,000 metric tons of metal, the largest volume in 12 years, aiming to cool a rally that has propelled prices towards record highs and hit their order books, sources said.
On-warrant aluminum stocks in LME-approved warehouses dropped to 131,375 tons on Tuesday, their lowest level since at least 1998, as canceled warrants – metals earmarked for delivery – surged 82% in just over two weeks. MCUSTX TOTAL
The discount or contango for buying aluminum tomorrow and selling it the day after, known as tom-next MALT-0=LXflipped into a premium or backwardation on Wednesday, indicating a tightening of immediate supply.
LME aluminum prices rose 10.9% last month, the best monthly gain since January 2023, on supply disruption concern amid sanctions on Russian metal, and optimism around China’s economic recovery.
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Reporting by Mai Nguyen in Hanoi; Editing by Rashmi Aich
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