London copper rebounds from lows driven by a weaker dollar

For other exchange rate holders, a weaker dollar means cheaper metals and can stimulate demand
.
Societe Generale analysts said a weaker dollar boosted all base metals
in the morning.
Market sentiment improved, while fundamentals remained unchanged
.
It is external factors that affect market prices
.
Industrial metal prices have fallen this year, but remain near multi-year highs
.

Citi said in the report that China's metal demand and production curbs will be supportive in 2018, and prices appear to be driven by global economic growth and strong demand in the near future
.
However, while demand for property-related metals is expected to remain firm, the slowdown in demand such as power infrastructure may be worrying
.

A technical analyst said copper is aiming to break above the 100-day moving average of $
6,892.
Fibonacci resistance is at $6,897, and copper prices are likely to fall
further.
Speculators held net long positions in LME copper fell to their lowest level since May, and net long positions in COMEX copper have been cut since the beginning of the year, putting pressure
on prices.

Three-month copper rose 1.
1% to settle at $6,831 a tonne on Feb.
12 at 17:00 London time (01:00 EDT Feb.
13), hitting its lowest price since Dec.
14 at $6,733 on Friday
.

On the news front, global equities rose, with last week being their worst
in two years.
Oil prices also rose
for the first time in seven sessions.
The White House on Monday unveiled Trump's outline of an infrastructure plan to Congress, proposing $200 billion in federal funding over the next 10 years to encourage local governments and private institutions to invest in infrastructure projects across the country, generating a total of $1.
5 trillion in new investment
.
China's renminbi loans rose 2.
9 trillion yuan in January, a record high
, China's central bank reported on Monday.

The Shanghai Futures Exchange will be closed from the close of trading on February 14 to celebrate the Lunar New Year
.