Copper edges off 4-week low

Melbourne
London copper climbed away from a four-week low on Wednesday as investors covered short positions, but gains were capped by a stronger dollar after improving US economic data backed the case for an interest rate rise soon.
Three-month copper on the London Metal Exchange had climbed 0.6 percent to $6,139 a ton by 0745 GMT, after a drop of around 1 percent in the previous session when it touched its weakest since April 29 at $6,105.
The most traded August copper contract on the Shanghai Futures Exchange fell 1 percent to 44,420 yuan ($7,160) a ton. It faced strong resistance at the 200-day moving average of 44,500 yuan. Copper is getting little help from the lacklustre economic outlook in top consumer China. “Even if you get some early signs which show you some improvement ... the macro story in China doesn’t look good,” said analyst Dominic Schnider of UBS Wealth Management in Hong Kong. “The only area that is more debatable is the supply side.”