Sydney :Copper prices edged up in London and Shanghai markets on Tuesday, helped by a weaker U.S. dollar. The dollar index against a basket of six major currencies was hovering just above its weakest level since January, 2015.A weaker greenback makes dollar-denominated commodities cheaper for holders of other currencies.
A decision on Monday by the People´s Bank of China (PBOC) to lift the yuan´s official midpoint to the greenback to a 1-1/2 year high was also supporting copper prices.
"The moves by the PBOC to raise the fixing of the yuan against the U.S. dollar helped improve the already positive sentiment in the market," ANZ Bank said.
Three-month copper on the London Metal Exchange had edged up 0.15 percent to $7,221 a tonne by 0250 GMT.
The most-traded copper contract on the Shanghai Futures Exchange was up 0.16 percent at 54,750 yuan ($8,514.77) a tonne.
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