METALS-London copper rises amid short-covering, soft dollar

Oct 16 (Reuters) - London copper rose on Wednesday, supported by a softer dollar and as prices rebounded from a psychological support level and on some short-covering. Three-month copper on the London Metal Exchange (LME) CMCU3 was up 0.5% at $9,578.50 per metric ton by 0401 GMT, rebounding from a three-week low hit in the previous session. The most-traded November copper contract on the Shanghai Futures Exchange (SHFE) SCFcv1 eased 0.4% to 76,610 yuan ($10,770.12) a ton, tracking overnight losses in London. The dollar index .DXY eased slightly on Wednesday, albeit it was still trading near a two-month peak on expectations that U.S. interest rate cuts would be gradual. A softer dollar makes greenback-priced metals cheaper for holders of other currencies. "Everyone is just waiting for various announcements (from China)," said a trader, adding that $9,500 is a technical and psychological support level. "Price is just fluctuating and chopping about," the trader added. Another trader added that there was some short-covering ahead of a press conference on China's property sector, scheduled for Thursday. More details on China's stimulus measures may be revealed at the country's National People's Congress later in October. In late September, metal prices surged after a U.S. rate cut, which weighed on the dollar, along with China's pledges of strong stimulus measures to boost the economy. However, as follow-up announcements from China lacked details and were below expectation, prices retreated. LME aluminium CMAL3 rose 0.7% to $2,588.50 a ton, zinc CMZN3 edged up 0.2% at $3,058.50, lead CMPB3 increased 0.4% to $2,088, tin CMSN3 advanced 0.6% to $32,595 while nickel CMNI3 edged down 0.1% at $17,405. SHFE aluminium SAFcv1 eased 0.2% to 20,685 yuan a ton, nickel SNIcv1 fell 0.6% to 132,940 yuan, while zinc SZNcv1 was almost flat at 25,025 yuan, lead SPBcv1 climbed 1.3% to 16,725 yuan and tin SSNcv1 advanced 0.9% to 266,000 yuan. For the top stories in metals and other news, click TOP/MTL or MET/L ($1 = 7.1132 yuan) (Reporting by Mai Nguyen in Hanoi; Editing by Sonia Cheema) (([email protected]; Reuters Messaging: [email protected])) (( For related news and prices, click on the codes in brackets: LME price overview RING= COMEX copper futures 0#HG: All metals news MTL All commodities news C Foreign exchange rates FX= SPEED GUIDES LME/INDEX ))