June 17 (Reuters) - Prices of metals in London dropped
on Tuesday, weighed down by a stronger dollar and as escalating
tensions between Israel and Iran dented risk appetite among
investors.
Three-month copper on the London Metal Exchange was
down 0.3% at $9,673.50 per metric ton, as of 0124 GMT.
LME aluminium eased 0.1% to $2,511.50 a ton, zinc
fell 0.4% to $2,649, lead slipped 0.4% to
$1,998.50 and nickel fell 0.4% to $15,005. Tin
was down 0.4% at $32,505.
The SHFE most-traded copper contract gained 0.3% to
78,500 yuan ($10,934.67) per metric ton.
Israel and Iran attacked each other for a fifth straight day
on Tuesday, and U.S. President Donald Trump urged Iranians to
evacuate Tehran, citing what he said was the country's rejection
of a deal to curb nuclear weapons development.
U.S. stock futures slipped and oil prices climbed, as
geopolitical tensions in the Middle East erupted.
The dollar index rose 0.3% against its rivals. A
firmer dollar makes greenback-priced commodities more expensive
for buyers using other currencies.
Offering some respite, better-than-expected retail sales
data from China on Monday raised hopes of a boost to metals
demand in the country.
Meanwhile, the U.S. intends to impose a quota on steel and
aluminum imports from the United Kingdom that would be exempt
from 25% tariffs as part of deal announced between the two
countries during the G7 Summit on Monday.
SHFE aluminium was little changed at 20,400 yuan a
ton, lead was flat at 16,915 yuan, nickel fell
1.1% to 118,400 yuan, while zinc gained 0.3% at 21,870
yuan and tin fell 0.4% to 263,620 yuan.
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($1 = 7.1790 Chinese yuan)