Copper falls as economic jitters offset LME stock support
XLB•Other base metals mostly weaker
Among LME metals, aluminium lost 0.45%, zinc ticked 0.09% higher, lead dipped 0.24%, nickel lost 0.42% and tin shed 0.38%.
On the SHFE, aluminium dipped 0.17%, zinc gained 0.71%, lead added 0.22%, nickel dipped 0.32% and tin dipped 0.29%.
Copper slips after earlier six-month high
Copper prices inched down on Wednesday after surrendering earlier gains that saw it hit a six-month high, with economic concerns dragging it and other industrial metals lower ahead of the release of key U.S. inflation data.
Benchmark three-month copper on the London Metal Exchange was down 0.09% at $14,336.5 a metric ton by 0716 GMT. It touched $14,437 a ton earlier in the session, the highest since January 29.
The most-traded copper contract on the Shanghai Futures Exchange rose 0.55% to 108,750 yuan ($16,182.55) a ton.
Inventory support offsets broader pressure
The pressure offset price support from waning LME inventories as non-traditional copper participants including hedge funds and other speculative investors trade on inventory data showing falling warehouse stocks.
"There are a lot of non-traditional sources trading copper, and an awful amount of fast money moving on data releases," said David Wilson, head of metals strategy at BNP Paribas.
Markets await U.S. inflation data and Fed signals
The metal, nicknamed Dr Copper for its use as a barometer of wider economic health, was restrained as markets awaited the release of the U.S. Personal Consumption Expenditures (PCE) price index for July, due at 1230 GMT.
