The United States dollar index was at 92.29 on Tuesday, up 0.8 from an earlier reading on the same day, but lower than its peak of 92.76 during its late-May to early-July rally.
The three-month LME lead price led the increase on Tuesday, up 1.2% compared to Monday’s close of $2,315 per tonne.
A further rise in copper prices could add to bullish sentiment in the LME base metals complex, Fastmarkets analyst Will Adams, head of base metals and battery research, said.
The three-month LME copper contract traded at $9,586 per tonne, up from $9,511 per tonne at Monday’s close.
“The move back in copper prices above $9,520 per tonne suggests the metal has put in a base on the charts and that might now encourage a move to challenge the highs that lie over $1,000 per tonne above,” Adams said. “The rest of the metals are looking more upbeat and if benchmark copper prices are now aligned, it may lead to a concerted move higher.”
Only the aluminium three-month price declined, from $2,556 per tonne at Monday’s close to $2,551 per tonne on Tuesday. The light metal had hit an intraday high of $2,581 per tonne on Monday.
More than 13,000 tonnes of aluminium flowed out of LME sheds, with 9,725 tonnes leaving warehouses in Port Klang Malaysia.