Jan 11 (Reuters) - Prices of most nonferrous metals inched higher on Thursday, backed by a softer dollar that makes greenback-priced metals cheaper to holders of other currencies.
Three-month copper on the London Metal Exchange (LME) advanced 0.4% to $8,405 per metric ton by 0237 GMT, while the most-traded February copper contract on the Shanghai Futures Exchange (SHFE) rose 0.1% to 68,020 yuan ($9,498.14) a ton.
The dollar index edged down and was on track for the second daily loss, but the fall was minimal as traders waited on U.S. inflation data to see whether bets on rate cuts were justified.
China's move to defend the yuan also helped boost the purchase power of metals buyers in China, the world's top metals consumer.
LME aluminium increased 0.5% to $2,242.50 a ton, zinc jumped 1% to $2,519.50, lead was up 0.5% at $2,093, tin rose 0.7% to $24,600 while nickel eased 0.1% to $16,410.
SHFE nickel increased 2.5% to 128,210 yuan a ton, zinc rose 0.1% to 21,150 yuan, lead advanced 1% to 16,440 yuan, tin jumped 1.1% to 206,510 yuan, while aluminium eased 0.1% to 19,040 yuan.
For the top stories in metals and other news, click or
DATA/EVENTS (GMT)
1330 US Core CPI MM, SA; YY, NSA Dec
1330 US CPI MM, SA; YY, NSA Dec
1330 US CPI Wage Earner Dec
1330 US Initial Jobless Clm Weekly
($1 = 7.1614 yuan) (Reporting by Mai Nguyen in Hanoi; Editing by Mrigank Dhaniwala)
