Base metals and iron ore climbed as the dollar weakened following President-elect Trump’s nomination of hedge fund manager Scott Bessent as Treasury secretary.
All major London Metal Exchange contracts gained, supported by rising stocks and other risk assets. The dollar saw its biggest drop in over two weeks, boosting dollar-priced commodities.
Metals had faced pressure after Trump’s election due to a stronger dollar and concerns over potential trade impacts on China, the top metals consumer. Bessent’s selection is seen as a signal for stability in economic policy.
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In China, the central bank held a key loan rate steady after recent stimulus measures aimed at supporting the economy.
Copper rose 1.1% to $9,062 a ton, aluminum added 1.5%, and zinc gained 1% on the LME. Iron ore advanced 1.6% to $102.20 a ton in Singapore, with gains in Dalian and Shanghai steel futures.
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