NEW DELHI: Copper futures eased on Wednesday as a stronger dollar and weak demand outlook in top consumer China weighed on the market.
Three-month copper on the London Metal Exchange was down 0.2% at $9,555.5 per metric ton as of 0352 GMT.
The dollar was firm on Wednesday and trading on the precipice of the 160-yen barrier as investors turned cautious and counted down to the release of US price data at the end of the week.
A firmer dollar makes greenback-priced metals more expensive to holders of other currencies.
The most-traded July copper contract on the Shanghai Futures Exchange was down 1.1% at 77,930 yuan ($10,725.15) a ton.
“The red metal has been under pressure in recent days following weak economic data,” ANZ Research said in a note. “The global outlook for manufacturing remains poor after flash PMIs in Europe and the US.
Copper resumes downtrend on supply overhang and weak demand
This has been compounded by rising inventories for metals such as aluminium, copper and nickel.“
LME aluminium was 0.2% lower at $2,491 a ton, nickel edged up 0.3% to $17,210, zinc was down 0.02% to $2,870.5, lead eased 0.3% to $2,204, and tin fell 1.3% at $31,845.
SHFE aluminium eased 0.8% to 20,205 yuan a ton, nickel fell 0.3% to 134,480 yuan, lead was up 1.6% to 19,160 yuan while zinc was up 0.1% to 23,730 yuan and tin slumped 3% to 264,770 yuan.
Source: Brecorder
