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METALS-Copper rises on weak U.S. dollar, upbeat broader markets

HANOI, Jan 4 (Reuters) – Copper and most other industrial metals rose on Monday as a weaker U.S. dollar boosted the appeal of the greenback-priced metals, with sentiment aided by gains in the commodities markets on hopes of a recovery in the global economy.

Three-month copper on the London Metal Exchange climbed 1.9% to $7,910 a tonne by 0716 GMT, while the most-traded February copper contract on the Shanghai Futures Exchange ended up 0.3% to 58,160 yuan ($9,001.01) a tonne.

LME nickel jumped as much as 5% to $17,450 a tonne, a two-week high, while zinc advanced 1.1% to $2,781.50 a tonne. ShFE nickel climbed 3.1% to 128,210 yuan a tonne while ShFE lead was up 2% to 15,045 yuan a tonne.

β€œThe end of year rebalancing β€” selling the winners, buying the laggards β€” is over. Metals are also repricing themselves higher after taking the cue from bitcoin. They are also supported by a weaker dollar,” a Singapore-based trader said.

The U.S. dollar kickstarted the new year by slipping broadly, while bitcoin hovered near a record high. Read from source….