Copper prices were steady after surging on Monday when China’s producer cost index beat expectations. which metal cracked the $7,000 per ton level inside last session, reaching heights not seen since 2014. Copper last traded at $7,122.
Investors are expecting a “relatively positive backdrop” inside space ahead of China’s 19th Party Congress, which is usually set to begin Oct. 18, according to ANZ Research.
Also inside commodities patch, oil prices were stable after getting an overnight boost on headlines which Iraqi forces had captured parts of Kirkuk, an oil-rich city controlled by Kurdish forces. Brent crude futures were off 0.09 percent at $57.77 a barrel in addition to U.S. crude was 0.25 percent lower at $51.74.
Meanwhile, the greenback edged up against a basket of rival currencies overnight, with the dollar index standing at 93.300 at 8:16 a.m. HK/SIN. The U.S. currency also firmed against the Japanese yen to trade at 112.22 — above levels around the 111.7 handle seen at the end of Asian trade on Monday.
In some other currencies, the euro slid for the fifth straight day following an election in Austria which put right-leaning People’s Party leader Sebastian Kurz on track to becoming the youngest leader inside globe.
Catalan leader Carles Puigdemont’s failure to clarify Catalonia’s position on independence through Spain also likely weighed on the common currency, which traded at $1.1787 at 8:31 a.m. HK/SIN, its lowest level in around a week.
Stocks on Wall Street touched record highs on Monday as earnings season carried on. The Dow Jones tacked on 0.37 percent, or 85.24 points, to close at 22,956.96.
In corporate news, the falsification of product data at Japan’s Kobe Steel took place for longer than the 10-year period indicated by the steelmaker, Nikkei Asian Review said. The practice had actually occurred for decades at the company, Nikkei said, citing a source. Kobe Steel shares were last up 4.72 percent.
Elsewhere, Tencent Holdings Chairman Ma Huateng has sold part of his stake inside internet company, according to the Wall Street Journal. Ma raised approximately 2.1 billion Hong Kong dollars ($269 million) after he lowered his stake in Tencent to 8.63 percent through 8.69 percent, the WSJ reported.
In economic news, minutes through the Reserve Bank of Australia showed policymakers were in no hurry to raise interest rates inside country just because some other economies were doing so.