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London Metal Exchange (LME) London Copper stood still on Wednesday (Oct 5) as a weaker dollar and expectations that demand for the metal in China would slowly but steadily increase in the fourth quarter was supported
.
Three-month copper edged down 0.
2 percent to $4,797 a tonne
, down slightly last day.
Copper found strong support in the $4730-4745 range, where its 100-day and 200-day moving averages also fell into
that range.
London Metal Exchange (LME) copper futures slipped on Tuesday (Oct.
4), dragging other base metals down as the dollar rose but signals of an improving Chinese economy limited market losses
.
At 16:00 London time on October 4 (00:00 Beijing time on October 5), three-month LME copper closed down 0.
3% at $
4,805 a tonne.
Abroad, the International Monetary Fund on Tuesday maintained its forecast of weak global growth, warning that a more sluggish economy would strengthen populist sentiment against trade and migration, curbing economic activity, productivity and innovation
.
Domestically, a number of Chinese data to be released in the coming weeks are expected to show a modest improvement in the third quarter, as the government's infrastructure push and a housing boom boosted demand
in everything from steel and glass to furniture appliances.
The Chinese market is closed this week due to the National Day Golden Week holiday, and market trading may continue to remain light
.
The Chinese market will reopen
next Monday (October 10).
