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Metals edge up, gains capped by strong US dollar

Most base metals increased in tight varieties on Tuesday but the strength of the dollar, driven by the prospect of higherforlonger U.S. rate of interest, restricted their gains.

A more powerful dollar makes it more pricey for other currency holders to purchase greenback-priced products, therefore keeping metals prices under pressure. The dollar's strength also kept other currencies near milestone lows.

The dollar index traded at $108.17 at 0344 GMT, hovering near its two-year high of $108.43, struck last Thursday.

Despite the downward pressure on copper from the strong dollar, the metal has found support from robust downstream demand.

Three-month copper on the London Metal Exchange (LME). was up 0.3% at $8,944 per metric heap by 0344 GMT.

On the copper need side in China, the current high. downstream operation rates have actually been supporting copper. usage. However, there are indications of seasonal sluggishness. in winter, analysts at Jinrui Futures said in a note.

The most-traded January copper contract on the Shanghai. Futures Exchange (SHFE) moved 0.2% to 73,910 yuan. ($ 10,126.32) a lot by the close of the Asia morning trade. session.

LME aluminium acquired 0.2% to $2,531 a heap, nickel. increased 0.9% to $15,435, zinc climbed 1.0% to. $ 3,103, tin was up 0.7% at $28,735, while lead. was 0.1% higher at $1,987.5.

SHFE aluminium decreased 0.7% to 19,820 yuan a ton,. nickel rose 0.3% to 124,390 yuan, zinc climbed. 1.1% to 25,165 yuan, lead slid 0.6% to 17,400 yuan,. and tin edged down 0.3% at 242,930 yuan.

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(source: Reuters)