Copper leads industrial metals higher

On Wednesday stocks in Europe struggled for traction after a mixed session in Asia, amid trading thinned by a holiday-shortened week. Oil retreated after reaching the highest price in more than two years as a pipeline blast in Libya ignited supply concerns.

The Stoxx Europe 600 Index edged lower, with technology stocks leading the decline as chipmakers slumped after analysts lowered iPhone X shipment projections, sending the Nasdaq Composite Index lower overnight. Miners gained as copper climbed to a three-year high after China ordered its top producer to halt output to combat winter pollution. In Asia earlier Japanese equity benchmarks posted slight gains.

Meanwhile, the euro rose against the greenback, while core bonds in Europe gained and Treasuries were steady. West Texas crude inched lower after breaching $60 a barrel for the first time since June 2015 on Tuesday. Bitcoin appeared to be forming a bottom above $15,000 after the cryptocurrency endured a weeklong tumble from its record above $19,000, which was hit on the 18 December.

The Stoxx Europe 600 Index dipped less than 0.05 percent as of 9:31 a.m. London time. The U.K.’s FTSE 100 Index climbed 0.1 percent. Germany’s DAX Index declined less than 0.05 percent. Futures on the S&P 500 Index advanced less than 0.05 percent. Japan’s Topix Index rose 0.2 percent at the close in Tokyo. The Nikkei 225 Stock Average rose 0.1 percent. Hong Kong’s Hang Seng index was little changed, while South Korea’s Kospi Index was up 0.3 percent.

West Texas Intermediate crude sank 0.6 percent to $59.64 a barrel, the first retreat in more than a week. Gold increased 0.2 percent to $1,285.39 an ounce, hitting the highest in more than four weeks with its sixth consecutive advance. LME copper advanced 0.9 percent to $7,189.50 per metric ton, reaching the highest in about four years on its ninth consecutive advance and the biggest gain in a week.