Copper steadies

Melbourne: London copper steadied on Monday amid a slightly firmer dollar, supported after a report showed China´s property sector, a major metals consumer, remained resilient last month. China´s new home prices rose at a slightly faster pace in October after gains had held steady the previous month, as prices remained resilient in the face of falling sales and a tighter liquidity environment.
"We are of a view that China´s underlying fundamentals in the property sector remain sound," said Argonaut in a report. "This confirms our view that (any) commodity price rout during the weak winter season in China would be short-term. We recommend buy on weakness.
Three-month copper on the London Metal Exchange was trading at $6,765.50 a tonne by 0700 GMT, down 0.2 percent and paring small 0.6-percent gains from the previous session. 