Manila : London copper ticked higher on Wednesday after the dollar weakened against a basket of major currencies as its recent rally fuelled by U.S.-China trade tensions appeared to fizzle.
Three-month copper on the London Metal Exchange was up 0.1 percent at $6,183 a tonne by 0234 GMT, gaining for a second session in a row. The most-traded October copper contract on the Shanghai Futures Exchange rose 0.4 percent to 49,560 yuan ($7,262) a tonne.
The dollar inched down versus a basket of currencies, making dollar-denominated assets like copper cheaper for holders of other currencies, even after the U.S. Trade Representative´s office said the U.S. would begin collecting 25 percent tariffs on another $16 billion in Chinese goods later this month.
Despite the threats of labour strikes at big copper mines including Escondida in Chile, copper prices have fallen nearly 15 percent this year.