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Base metals increase in tight range, gains topped by strong dollar

Most base metals increased within tight ranges on Tuesday but strength in the dollar, driven by the prospect of prolonged higher U.S. rate of interest, limited their gains.

A more powerful dollar makes it more pricey for other currency holders to purchase greenback-priced commodities, thus keeping metals prices under pressure. The dollar's strength likewise kept other currencies near turning point lows.

In spite of the downward pressure on copper from the strong dollar, the metal has actually found assistance from robust downstream demand.

Three-month copper on the London Metal Exchange (LME). increased 0.2% to $8,926 per metric ton by 0145 GMT.

On the copper demand side in China, the current high. downstream operation rates have been supporting copper. consumption. However, there are indications of seasonal sluggishness. in winter season, experts at Jinrui Futures said in a note.

The most-traded January copper agreement on the Shanghai. Futures Exchange (SHFE) slid 0.2% to 73,870 yuan. ($ 10,120.98) a ton.

LME aluminium was fairly the same at $2,527 a. heap, nickel increased 0.5% to $15,365, zinc. climbed 0.4% to $2,996, tin was up 0.3% at $28,635,. while lead was 0.1% greater at $1,988.

SHFE aluminium decreased 0.8% to 19,800 yuan a lot,. nickel increased 0.1% to 124,100 yuan, zinc climbed up. 0.6% to 25,030 yuan, lead moved 0.3% to 17,445 yuan,. and tin edged down 0.6% at 242,240 yuan.

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(source: Reuters)