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The world's largest economy grew faster than anticipated in the fourth quarter of last year, which caused copper prices to decline last week due to a higher US currency.
The London Metal Exchange's (LME) three-month copper fell 0.2% to $8,546 per metric tonne after reaching its highest level since January 2 at $8,599. On Wednesday, it reached a three-week high and the highest daily trade volumes since September 21.
According to recent data, previous gains were undone as the US economy expanded, and alarming recession forecasts were mostly ignored. This supported the dollar, which is currently at a six-week high.
A stronger dollar makes greenback-priced metals costlier and will limit the purchasing power of holders of other currencies
Top metals consumer China's central bank announced a deep cut in the amount of cash banks hold as reserves - a move that will inject about $140 billion of cash into the banking system.
Metals prices could still find support from Chinese policy after a seasonal lull, SP Angel analyst John Meyer said. "The surprise 50 basis point reserve ratio cut in China has seen buyers step into an illiquid market on expectations of a revival in construction activity," he added.
Copper, in particular, is also being supported by recent mining disruptions, with several major banks and research groups revising their balance outlooks from surplus to deficit. LME aluminium rose by 0.4% to $2,237 a ton, nickel dropped 0.1% to $16,630, zinc dropped 0.2% to $2,580.5, and tin advanced 0.4% to $26,615. Lead lost 1.3% down at $2,134.5.
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