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Copper prices steadied on Monday as the market awaited Chinese loan data for indications of demand from the top metals consumer and US inflation data for a steer on the timing of interest rate cuts and dollar direction. Benchmark copper CMCU3 on the London Metal Exchange was up 0.3% at $8,606 a metric tonne by 1120 GMT. Prices of the metal viewed as a gauge of economic health hit five-week highs of $8,689 a tonne on Friday.
"Market is in wait mode for China data and US consumer prices (on Tuesday)," one copper trader said, adding that there was some support for LME copper from lower stocks in LME approved warehouses. China's bank lending is expected to have pulled back sharply in February from a record high in January owing to seasonal factors. Included in the loan data are total social financing numbers, a key gauge of future metals consumption.
Signs of US inflation coming under control could convince the US Federal Reserve to cut interest rates sooner, which would weigh on the US currency and make dollar-priced metals cheaper for buyers with other currencies. This relationship with the dollar is used by funds that buy and sell on signals from numerical models.
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