Copper slips on firm dollar and concern about global economy
XLB•China demand signals weaken
The most-traded copper contract on the Shanghai Futures Exchange SCFcv1 fell 0.7% to 107,410 yuan a ton as signs of demand faltered in the world's biggest metals consuming nation.
The Yangshan copper premium SMM-CUYP-CN, a barometer for China's import demand, fell to its lowest in four weeks at $95 a ton.
Other base metals also decline
LME aluminium CMAL3 dropped 1.2% to $3,271 a ton, the second consecutive decline after a seven-session rally.
Improving supply prospects from the Middle East, a major global aluminium supplier, and the expected return of some war-damaged smelting capacity helped relieve supply concerns.
"There is more uncertainty about a peace deal, although smelters in the Gulf have been shipping material out through Saudi Arabia and Oman," said David Wilson, head of commodity strategy at BNP Paribas.
Among other metals, LME zinc CMZN3 lost 0.9% to $3,725 a ton, lead CMPB3 dipped 0.4% to $1,902.50, nickel CMNI3 shed 0.6% to $16,855 and tin CMSN3 fell 0.4% to $55,590.
Copper and other industrial metals fall
Prices of copper and other industrial metals eroded on Thursday, weighed down by a stronger dollar and worries about global growth as the Middle East conflict rumbles on.
Benchmark three-month copper CMCU3 on the London Metal Exchange was down 0.7% at $14,028 a metric ton by 0920 GMT, having dipped by 0.2% in the previous session.
LME copper jumped to a six-month high a week ago on tightening inventories outside the United States.
