Copper climbs to one-month high

Copper prices rose on Monday to a one-month high as the dollar lost ground while China commits to boosting demand and industrial metal imports.

Standard copper prices at the London Exchange rose 0.8% to $8243 a tonne as of 10:57 GMT, with October 2 highs at $8260. 

Chinese officials asserted this week at a commercial show in Shanghai that China will open its economy and will boost imports of commodities and services to nearly $17 trillion in the next five months. 

Conversely, the dollar lost ground after the US monthly payrolls report bolstered expectations the Federal Reserve will boost interest rates in December.

A weaker dollar boosts dollar-denominated copper futures as they become cheaper to holders of other currencies. 

Copper and industrial metals imports in Chin will continue to be monitored closely in the next few months alongside consumer prices to gauge the impact of Chinese stimulus in the economy. 

Traders said that a breach of the 50-day SMA around $8180 created positive momentum, with the next target standing at $8307. 

Otherwise, aluminium rose to one-month highs at $2285 a tonne as inventories fell in the Shanghai Exchange House and the London Metals Exchange. 

Aluminium three-month futures rose 1% to $2276 a tonne, while zinc rose 2.1% to $2578, as lead rose 0.7% to $2187, while tin rose 0.6% to $24500, as nickel fell 0.4% to $18150. 

Otherwise, the dollar index stabilized positively at 105.03 as of 16:26 GMT, with a session-high at 105.1. 

Copper December futures rose 0.7% in US trade as of 16:21 GMT to $3.70 a pound.