Copper up

Melbourne : London copper prices inched up on Tuesday, lifted in light trade by a weaker dollar ahead of Federal Reserve Chairman Jerome Powell´s highly-anticipated first congressional testimony later in the day.

London Metal Exchange copper had edged up 0.3 percent to $7131.50 a tonne by 0128 GMT, having finished up a touch in the previous session.

Prices have been trading in a $7,000-$7,250 a tonne range since mid-month, slightly down from a four-year peak of $7,312.50 hit in December. Shanghai Futures Exchange copper eased by 0.3 percent to 53,290 yuan ($8,443) a tonne. Other metals, however, were all slightly higher reflecting a strong rally in Shanghai stocks.

Sales of new U.S. single-family homes fell for a second straight month in January, weighed down by steep declines in the Northeast and South, which could raise concerns the housing market is losing momentum.

from The News International - Business http://ift.tt/2oBcJvx