METALS-London copper rises as weaker dollar boosts appeal

HANOI, May 26 (Reuters) - Copper prices in London advanced on Wednesday, as a weaker dollar made greenback-priced metals cheaper to holders of other currencies.

Three-month copper on the London Metal Exchange rose 0.4% to $9,953.50 a tonne by 0136 GMT, while the most-traded July copper contract on the Shanghai Futures Exchange fell 0.6% to 71,910 yuan ($11,225.94) a tonne, tracking overnight losses in London.

The dollar wallowed near its weakest level since early January against major peers, as Treasury yields eased amid Federal Reserve insistence that stimulus will continue despite current inflationary pressures.

Prices of the red metal was also supported by supply threat in Chile where a union representing workers at BHP Group’s Escondida and Spence copper mines will seek a strike after government officials failed to mediate an agreement.


* LME nickel climbed 1.4% to $17,275 a tonne, aluminium increased 0.4% to $2,381 a tonne while ShFE nickel jumped 1% to 126,700 yuan a tonne and ShFE tin advanced 0.9% to 197,590 yuan a tonne.

* Commodities markets are unlikely to experience a “super-cycle” in the coming years, but copper demand from the renewable energy and electric vehicles sectors remained bright, experts and polls at the LME Asia Week metals seminar on Tuesday showed.

* U.S. President Joe Biden will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on processing them domestically into battery parts, part of a strategy designed to placate environmentalists, sources said.

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* Asian shares rose and the U.S. dollar stood near its lowest levels this year after U.S. Federal Reserve officials reiterated a dovish monetary policy stance, easing inflation concerns.


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$1 = 6.4057 yuan Reporting by Mai Nguyen; Editing by Rashmi Aich