HANOI- Nonferrous metals prices rose on Tuesday, with Shanghai copper snapping a streak of four straight sessions of losses, on prospects of global interest rate cuts and a weaker dollar.
Three-month copper on the London Metal Exchange (LME) rose 2 percent to $10,535 per metric ton, while the most-traded July copper contract on the Shanghai Futures Exchange (SHFE) advanced 1.6 percent to 85,130 yuan ($11,747.90) a ton.
LME aluminum increased 1.6 percent to $2,704 a ton, nickel advanced 1 percent to $20,455, zinc was up 1.2 percent at $3,095, lead climbed 1.5 percent to $2,331.50 and tin rose 2.2 percent to $33,970.
SHFE aluminum increased 1.4 percent to 21,295 yuan a ton, nickel jumped 2.1 percent to 156,030 yuan, zinc rose 1 percent to 24,955 yuan, lead advanced 2.2 percent to 18,955 yuan and tin was up 2.4 percent at 279,330 yuan.
The European Central Bank has room to cut interest rates as inflation slows, key policymakers said on Monday, but added it must take its time in easing policy.
Meanwhile, the dollar waned following a slight pick up in risk appetite, but held tight ranges against its peers ahead of key inflation data from major economies this week that would give guidance on the global interest rate outlook.
