Copper edges up

Reuters

Melbourne

London copper rose for a third session on Thursday as a softer dollar lent support, but traders said prices could fall as factory demand from top user China slows ahead of summer.

The U.S. dollar fell from near a 10-week high against the euro overnight as traders betting on a U.S. interest rates took profits on the greenback´s recent gains.

A weaker dollar boosts buying power for consumers paying with other currencies.

Meanwhile, Chinese factories, which typically slow down over the northern hemisphere summer months, are scrimping on their orders, industry sources said.

Three-month copper on the London Metal Exchange traded up 0.3 percent at $4,670 a tonne by 0132 GMT after risng 1.1 percent in the previous session.

Prices have found a near-term floor after hitting their weakest since mid-February at $4,540 a tonne last week.