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METALS-Copper hovers near two-month low as demand woes linger
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METALS-Copper hovers near two-month low as demand woes linger
Jun 26, 2024 7:50 PM

June 27 (Reuters) - Copper futures inched higher on

Thursday, although a firmer dollar and uncertainty over economic

recovery in top consumer China kept prices of the red metal near

a two-month low.

Three-month copper on the London Metal Exchange was

up 0.1% at $9,551.00 per metric ton, as of 0203 GMT. Still, the

contract traded near its lowest since April 18 hit in the

previous session.

In the broader market, the dollar was on the front foot and

stood near an eight-week high against a basket of currencies. A

stronger dollar makes greenback-priced commodities less

attractive to holders of other currencies.

The most-traded August copper contract on the Shanghai

Futures Exchange was flat at 77,980 yuan ($10,729.08) a

ton.

In industrial metal prices, downside momentum has proven

resilient as commodity demand continues to weaken amid a

precarious global macro landscape, analysts at TD Securities

said in a note.

"Inventory levels of copper continue to surge in China,

while local premiums remain low, signalling little sign of

physical demand to back to euphoric positioning in the West,"

according to the note.

LME aluminium was trading 0.3% lower at $2,504 a

ton, nickel edged up 0.4% to $17,110, zinc was

flat at to $2,940, lead eased 0.1% to $2,191, and tin

rose 0.4% at $31,965.

SHFE aluminium rose 0.1% to 20,255 yuan a ton,

nickel gained 0.8% to 135,100 yuan, lead was

up 0.6% at 19,230 yuan, while zinc climbed 2.1% to

24,250 yuan and tin was steady at 266,600 yuan.

For the top stories in metals and other news, click

or

DATA/EVENTS (GMT)

0900 EU Consumer Confid. Final June

1230 US Durable Goods May

1230 US GDP Final Q1

1230 US Initial Jobless Clm Weekly

($1 = 7.2683 Chinese yuan)

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