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METALS-Copper edges lower on dollar strength, weak China demand outlook
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METALS-Copper edges lower on dollar strength, weak China demand outlook
Jun 25, 2024 7:54 PM

NEW DELHI, June 26 (Reuters) - 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 0.4% at $9,533 per metric ton as of 0220 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 U.S. 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 1.5% at 77,630 yuan ($10,684.60) 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. This has been compounded by

rising inventories for metals such as aluminium, copper and

nickel."

LME aluminium was 0.2% lower at $2,490 a 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% at $31,805.

SHFE aluminium eased 0.8% to 20,195 yuan a ton,

nickel fell 0.5% to 134,220 yuan, lead was up

1.4% to 19,125 yuan while zinc was down 0.04% to 23,690

yuan and tin slumped 3.5% to 263,320 yuan.

For the top stories in metals and other news, click

or

DATA/EVENTS (GMT)

1000 France Unemp Class-A SA May

1400 US New Home Sales-Units May

($1 = 7.2656 Chinese yuan)

(Reporting by Neha Arora; Editing by Janane Venkatraman

)

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