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Base metals rise on weaker dollar and moderate United States inflation data

Many base metals increased on Monday, buoyed by a weaker dollar and modest U.S. inflation data restoring some hope for additional policy relieving next year.

A report from the U.S. Commerce Department on Friday showed moderate monthly rate boosts and the smallest gain in underlying inflation in 6 months, offering slight relief on inflation.

Three-month copper on the London Metal Exchange (LME). increased 0.4% to $8,977 per metric load by 0156 GMT, while. the most-traded November copper agreement on the Shanghai Futures. Exchange (SHFE) climbed 1.6% to 74,200 yuan. ($ 10,172.05) a ton.

The personal usage expenditures cost index - the. Federal Reserve's preferred inflation gauge - rose 0.1% in. November after an unrevised 0.2% gain in October.

However in the 12 months through November, the PCE cost index. innovative 2.4%, compared with a 2.3% increase in the year to. October. However, it was listed below the expected 2.50% increase.

Meanwhile, the dollar declined from its two-year high peak. recently and remained consistent on Monday.

A weaker dollar makes it less expensive for other currency. holders to buy greenback-priced commodities, therefore supporting. metals costs.

LME aluminium increased 0.4% to $2,545 a lot, nickel. increased 0.7% to $15,465, zinc climbed up 0.5% to. $ 2,987.5, tin was up 1.1% at $28,995, while lead. was 0.7% greater at $1,993.

SHFE aluminium increased 0.5% to 20,020 yuan a heap,. nickel rose 1.9% to 124,710 yuan, zinc climbed. 0.1% to 25,985 yuan, lead advanced 0.8% to 17,500 yuan,. and tin edged up 1.0% at 243,690 yuan.

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(source: Reuters)