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METALS-Copper inches up; dollar strength, weak China demand outlook caps gains
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METALS-Copper inches up; dollar strength, weak China demand outlook caps gains
Jun 26, 2024 12:42 AM

(Recasts first paragraph, updates prices)

NEW DELHI, June 26 (Reuters) - Copper futures erased

losses to turn slightly higher on Wednesday although a stronger

dollar and weak demand outlook in top consumer China kept gains

in check.

Three-month copper on the London Metal Exchange was

up 0.1% at $9,580 per metric ton as of 0716 GMT.

The U.S. dollar kept downward pressure on the yen and yuan

as traders awaited 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 0.4% at 78,480 yuan ($10,800.25) 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 0.04% higher at $2,497 a ton,

nickel rose 0.6% to $17,270, zinc was up 1% to

$2,900, lead eased 0.2% to $2,205.5, and tin

fell 1.9% at $31,630.

SHFE aluminium eased 0.2% to 20,320 yuan a ton,

nickel gained 0.9% to 136,040 yuan, lead was

up 2% to 19,240 yuan while zinc was up 1.8% to 24,130

yuan and tin slumped 2% to 267,200 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 = 7.2665 Chinese yuan renminbi)

(Reporting by Neha Arora; Editing by Janane Venkatraman and

Mrigank Dhaniwala

)

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