METALS-Copper prices edge down on firmer U.S. dollar
NEW DELHI, Dec 10 (Reuters) - London copper prices edged lower on Tuesday as the U.S. dollar strengthened, while traders looked for further signals from top consumer China's stimulus measures this week. Three-month copper on the London Metal Exchange (LME) CMCU3 eased 0.1% at $9,222 per metric ton, as of 0225 GMT. Meanwhile, the most-traded January copper contract on the Shanghai Futures Exchange (SHFE) SCFcv1 was up 0.9% to 75,450 yuan ($10,410.06). The U.S. dollar edged to its highest level this month against the yen as traders looked ahead to U.S. inflation due the following day for further clues on the path of Federal Reserve policy. FRX/ A stronger dollar makes greenback-priced metals more expensive for holders of other currencies. The market's focus is also on China's Central Economic Work Conference meeting this week, where key targets and policy directions will be set for the next year. Markets gained on Monday after the Chinese Politburo said it had shifted its monetary policy stance to imply more easing is coming. "China's shift in monetary policy stance will keep metal and bulks buoyant," ANZ Research said in a note. "China's Central Economic Work Conference is expected to provide further details on economic targets and stimulus plans later this week." LME aluminium CMAL3 was up 0.1% at $2,591 a ton, zinc CMZN3 eased 0.1% to $3,123, lead CMPB3 decreased 0.2% to $2,063, tin CMSN3 dropped 0.4% to $29,800, while nickel CMNI3 rose 0.1% to $16,015. SHFE aluminium SAFcv1 was unchanged at 20,340 yuan a ton, tin SSNcv1 was up 2% at 249,130 yuan, nickel SNIcv1 rose 0.3% to 127,460 yuan, while zinc SZNcv1 was up 1.3% at 25,765 yuan and lead SPBcv1 was up 0.1% at 17,690 yuan. For the top stories in metals and other news, click TOP/MTL or MET/L ($1 = 7.2478 Chinese yuan) (Reporting by Neha Arora; Editing by Savio D'Souza) (([email protected]))
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