Industrial metals edge higher as dollar slips

Industrial metals prices tiled higher in Asian trade as the dollar index slipped off December 2002 highs, ahead of US data later today while markets price in latest developments about China.

Silver futures due in September rose 0.56% to $21.64 an ounce, off May 16 lows for the fifth session.

Copper futures due in September rose 0.26% to $4.008 a pound, off August 2021 lows.

Palladium prices rose 0.91% to $1,870 an ounce, while platinum spot prices rose 0.29% to $938 an ounce.

Aluminum futures rose 1.16% to $2,527 a tone, while Zinc fell 0.17% to $3,517.

From the US, existing home sales are expected down to 5.40 million, after falling 2.4% to 5.61 million in April.

Recent Chinese data showed copper imports rose 15% to 31,267 tones, while palladium imports rose 19% to 769 kilos, as Nickel imports fell 90% to 300 tones.

Latest World Health Organization data showed Covid 19 infections rose to over 535 million cases, with the death toll mounting to 6.314 million so far.

On the Ukrainian crisis, the Kremlin said the negotiations with Ukraine aren't going very well, especially after aggressive remarks by the Ukrainian government recently on the Crimean Bridge.

Ukrainian government asserted a goal to take back the Crimean Bridge once it acquire weaponry from the US and Europe.

The dollar index fell off December 2002 highs by 0.10% to 104.34, with a session-low at 104.22.