LONDON, Jan 13 (Reuters) – Copper prices fell on Thursday but hovered near three-month highs after rising sharply the day before amid a depreciating dollar and concerns about tight supplies. * Benchmark three-month copper on the London Metal Exchange (LME) was down 1% at $ 9,967 a tonne as of 1148 GMT, after rising 3.5% in the prior session. * Copper, used in the energy and construction sectors, rose 25% in 2021 and 26% in 2020. Many analysts expect the transition from fossil fuels to electricity to boost demand. * “A new wave of purchases of base metals has started, especially those directly related to the green transition,” said Gianclaudio Torlizzi of consultancy T-Commodity. * “We already had signs of that in less liquid markets like cobalt and lithium, which have exploded more. It was only a matter of time before copper and nickel followed,” he said. * Torlizzi said low inventories, Chinese economic stimulus and limited supply could push copper above last year’s record of $ 10,747.50 a ton and nickel to $ 25,000 a ton, its highest level since 2011. * The US currency has fallen sharply, even against the yuan, making dollar-priced metals cheaper for holders of other currencies. * The central bank of China, the world’s leading metals consumer, is ready to unveil more measures to support economic growth, which is expected to fall to 5.2% this year, according to a Reuters poll. * Copper inventories in warehouses registered in the LME
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