Copper stable

Melbourne

London copper held near its highest in a week on Wednesday as the U.S. dollar lost ground against the euro in the wake of the French election, making commodities more affordable for buyers paying with other currencies.

Metal prices in general, however, are facing their weakest month since May 2016 as investors scale back bullish bets, Standard Chartered said in a report.

"We expect stagnant price trends to continue in Q2 as weaker physical market, monetary tightening onshore and Trump failings all weigh," it said.

London Metal Exchange copper traded little changed at $5,699.50 a tonne, adding to a 0.9 percent gain from the previous session.

LME copper prices on Wednesday hit a one-week top at $5,731 a tonne, recovering from near three-month lows hit on April 19. Shanghai Futures Exchange copper climbed 0.8 percent to 46,230 yuan ($6,711) a tonne.