Feb 18 (Reuters) - LME copper edged up in thin Asian
trade on Wednesday, after falling to a more than one-week low in
the previous session as high inventories of the red metal and a
firm dollar pressured prices.
Benchmark copper on the LME added 0.4% to $12,670.50
a metric ton as of 0219 GMT. It had fallen 1.8% on Tuesday.
"The dollar's renewed strength this week has hindered the
performance of base metals. Dollar-denominated metals feel the
squeeze, especially in a market already starved of Asian
liquidity," said Tim Waterer, chief market analyst at KCM Trade.
The dollar held its ground on Wednesday as geopolitical
risks kept markets on edge and investors awaited minutes from
the Federal Reserve for signals on future rate cuts.
A stronger U.S. dollar makes greenback-priced metals more
expensive for holders of other currencies.
Copper stocks in LME-approved warehouses increased by 9,775
tons to 221,625 tons on Tuesday , the highest in
11 months.
"High inventories could take a little while to clear, given
the holiday conditions," Waterer said.
Meanwhile Chilean miner Antofagasta ( ANFGF ) posted a 52%
jump in annual core profit on Tuesday, as record high copper
prices last year offset slightly weaker output. The miner said
its increased capital spending would support production in the
medium term.
In other metals, zinc prices ticked up 0.2% to $3,291.0
, after touching a two-week low on Tuesday.
Aluminium added 0.3% to $3,043.0, breaking a
four-session losing streak. Lead gained 0.1% to
$1,947.50, tin lost 1.3% to $45,425 and nickel
was up 0.2% at $16,895 a ton.
Wednesday, February 18
DATA/EVENTS (GMT)
0700 UK Core CPI YY Jan
0700 UK CPI YY Jan
0700 UK CPI Services MM, YY Jan
0745 France CPI (EU Norm) Final MM, YY Jan
1300 US Durable Goods Dec
1300 US Housing Starts Number Dec
1415 US Industrial Production MM Jan
1900 US Federal Open Market Committee issues minutes from
its meeting of January 27-28