Copper Rises Ahead of Chinese Data

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LONDON—Metals prices climbed on Tuesday, rallying amid a fresh wave of trade optimism ahead of Chinese economic figures expected later in the week.

Copper futures were last up 1.1% at $6,488.50 a metric ton in late morning trading in London, extending their gains so far this week to 1.3%.

Gold was also up 0.2% at $1,296.33 a troy ounce, with the haven asset tending to move inversely to the dollar.

Commodities prices followed broader markets higher on Tuesday, amid “fresh optimism on U.S. growth, news over a continued dialogue between U.S. and China regarding the potential trade agreement,” according to John Meyer, analyst at SP Angel.

The WSJ Dollar Index, which measures the dollar against a basket of its peers, was up 0.1%. A stronger dollar makes dollar-denominated metals more expensive for holders of other currencies.

While all base metals were up Tuesday, the basket has been under pressure the past week, with only aluminum and zinc among the constituents having climbed over the past five trading sessions.

Looking ahead, Chinese industrial production and fixed asset investment data due out Thursday and a scheduled speech from Chinese Premier Li Keqiang on Friday “should garner the most attention,” according to Alastair Munro, broker at Marex Spectron in a note.

Among precious metals, silver was up 0.85% at $15.42 a troy ounce, palladium was up 0.66% at $1,547.61 a troy ounce and platinum was up 0.68% at $831.08 a troy ounce.

Among base metals, aluminum was up 1.19% at $1,877.50 a metric ton, zinc was up 1.47% at $2,790.50 a metric ton, tin was up 0.76% at $21,170 a metric ton, nickel was up 2.07% at $13,190 a metric ton and lead was up 0.26% at $2,088 a metric ton.

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