Mumbai, 26 Jun (Commoditiescontrol): Copper futures slipped on Wednesday due to a stronger dollar and a weak demand outlook in China, the world's largest consumer of the metal.
On the London Metal Exchange (LME), three-month copper decreased by 0.4% to $9,533 per metric ton. The dollar's firm stance, trading near the 160-yen barrier, has made greenback-priced metals more expensive for holders of other currencies, contributing to the drop in copper prices.
Similarly, the most-traded July copper contract on the Shanghai Futures Exchange fell by 1.5% to 77,630 yuan ($10,684.60) per ton.
"The red metal has been under pressure in recent days following weak economic data," ANZ Research noted. "The global outlook for manufacturing remains poor after flash PMIs in Europe and the U.S. This has been compounded by rising inventories for metals such as aluminum, copper, and nickel."
In other metals, LME aluminum dropped 0.2% to $2,490 per ton, nickel edged up 0.3% to $17,210, zinc slipped 0.1% to $2,868, lead eased 0.1% to $2,207, and tin fell 1.4% to $31,805.
On the Shanghai Futures Exchange, aluminum eased 0.8% to 20,195 yuan per ton, nickel decreased 0.5% to 134,220 yuan, while lead rose 1.4% to 19,125 yuan. Zinc dipped slightly by 0.04% to 23,690 yuan, and tin slumped 3.5% to 263,320 yuan.
The market remains cautious as investors await the release of U.S. price data later in the week, which could provide further direction for the dollar and, subsequently, metal prices.
(By Commoditiescontrol Bureau: 09820130172)
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