Copper climbs

Melbourne

London copper climbed on Thursday away from near one-month lows as the dollar dropped after minutes from the last U.S. Federal Reserve meeting showed policymakers were in no rush to raise interest rates.

The dollar sagged after the minutes showed more policy members opposed a near-term rate hike than supported it.

A softer dollar underpins commodity demand by making the asset class, priced in dollars, more affordable for buyers paying with other currencies.

More broadly, metals have struggled as demand eases due to holidays over the northern hemisphere summer.

For copper in particular, the prospect of rising supply and fewer disruptions than usual has darkened the outlook for prices, Morgan Stanley said.

"Copper's mine supply through the first half of 2016 has marginally outperformed our expectations, with disruptions tracking at 1.8 percent year-to-date," it said in a report.