Copper steadies

Reuters

Melbourne

London copper held near its highest in three weeks on Tuesday as the dollar fell, with focus shifting to an upcoming monthly breakdown of China trade data.

London Metal Exchange copper was flat at $5,706 a tonne at 0135 GMT, after a slightly firmer close in the previous session when it touched the highest since May 3 at $5,720 a tonne.

Shanghai Futures Exchange copper held gains of half a percent at 46,050 yuan ($6,687) a tonne.

LME zinc and lead were also buoyed by a positive tone in steel, up 0.7 and 1 percent respectively, after China pledged to cut polluting factories.

Nearby tightness in lead spreads dissolved, falling from a $34.50 premium for cash over the three-month contract in late April to a 23.25 discount overnight, which was the widest contango since July 2014 and which may flag a big delivery into LME exchange warehouses.