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Copper prices in London rose for the first time in three sessions on Tuesday, on hopes that next week’s annual parliamentary meeting in top consumer China could provide clues on further economic stimulus.
On Wednesday, copper prices were range-bound as a spike in inventories in Chinese exchange warehouses offset tightness in mining supply.
This is according to a daily market update by Access Bank Zambia.
“Three-month copper on the London Metal Exchange (LME) gained 0.3 percent to US$8,493 a metric tonne in official open-outcry trading,” according to the Bank.
Read more: Strengthened US dollar puts copper prices under pressure
Meanwhile, oil prices held relatively steady on Tuesday as traders kept their powder dry on the outcome of Gaza ceasefire talks, United States inflation data on Thursday and whether Organization of the Petroleum Exporting Countries (OPEC+) would extend voluntary cuts in March.
Brent crude futures fell 28 cents, or 0.34 percent, to US$82.25 a barrel.
United States West Texas Intermediate crude futures (WTI) were down 21 cents, 0.27 percent to US$77.37 a barrel.
And, gold prices inched up on Tuesday, buoyed by a weaker United States dollar and bond yields, ahead of a key inflation report and comments from Federal Reserve officials for further clues on when interest rate cuts will commence.
Spot gold was up 0.4 percent at US$2,038.15 per ounce, hovering near its highest since February 7, 2024 hit on Friday.
United States gold futures rose 0.4 percent to US$2,047.30 per ounce.
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