Meanwhile, the most-traded March copper contract on the Shanghai Futures Exchange traded 0.1% lower at 57,860 yuan or $8,924.05 per tonne.
The decline in commodity prices comes as US President Joe Biden is pushing for a sweeping pandemic relief proposal, which would boost demand for metals.
However, Democratic Majority Leader Chuck Schumer warned earlier in the week that a comprehensive deal may still be four to six weeks away, as many Republicans have balked at the price tag.
“Copper traded sideways … with investors waiting for further catalysts to take the price out of its recent range,” said Anna Stablum, commodities broker at Marex Spectron in a note to Reuters, adding that a firm dollar and rising worries about delays in the roll-out of covid-19 vaccines also dampened prices.
Copper, a traditional economic yardstick, is up more than 32% over the past year and nearly 3% in January alone.
(With files from Reuters)
