May 19 (Reuters) - London copper extended losses on
Tuesday, though the U.S. dollar and oil eased, as weak Chinese
data continued to weigh on sentiment.
The benchmark three-month copper on the London Metal
Exchange dropped 0.59% to $13,508.50 a metric ton as of 0305
GMT.
And the most-active copper contract on the Shanghai
Futures Exchange dipped 0.12% to 103,960 yuan ($15,286.21) a
ton.
Copper continued to feel pressure from weak Chinese data on
Monday.
"The pullback comes after a strong run, with prices slipping
from the recent highs hit just last week amid intensifying macro
headwinds. Weaker Chinese data, including softer activity in
investment, retail, and industrial output, added to concerns
about demand, particularly in the manufacturing sector,"
analysts at ING Economics said in a note.
Meanwhile, the U.S. dollar rebounded after a brief
pullback on Monday, keeping its pressure on industrial metals.
Oil eased, with the Brent crude dropping below $110
a barrel. U.S. President Donald Trump said on Monday that he had
paused a planned attack against Iran after receiving a peace
proposal from Tehran, helping to keep hopes for a peace deal
alive.
Elsewhere, analysts at Citi said on Monday that aluminium is set
for its biggest bull run in 50 years, as the Iran war triggered
a major supply shock, taking out 3 million tons of supply from
the market to push it into a structural deficit when spare
capacity is near zero, and inventories were at a 55-year low.
Citi now expects the light metal to surge to $4,000 a ton in
the next three months if disruptions to demand remain limited.
But the London benchmark aluminium ticked 0.10%
lower to $3,565.50 a ton.
The Shanghai most-traded aluminium contract,
meanwhile, gained 0.56% to 24,340 yuan a ton, the only metal
posted a gain on SHFE.
Among other metals on the LME, zinc dipped 0.38%,
lead shed 0.33%, nickel lost 0.55% and tin
tumbled 1.30%.
Elsewhere on SHFE, zinc lost 0.39%, lead
nudged 0.06% lower, nickel dropped 0.31% and tin
lost 0.72%.
Tuesday, May 19
DATA/EVENTS (GMT)
0430 Japan Tertiary Ind Act NSA Mar
0600 UK Claimant Count Unem Chng Apr
0600 UK ILO Unemployment Rate Mar
0600 UK HMRC Payrolls Change Apr
0900 EU Total Trade Balance SA Mar
($1 = 6.8009 Chinese yuan renminbi)