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.
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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)