Copper slips on firm dollar, concerns about global economy
XLB•China demand signs soften
The most-traded copper contract on the Shanghai Futures Exchange 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, a barometer for China's import demand, fell to its lowest in four weeks at $95 a ton.
Other base metals decline
LME aluminium dropped 1.7% to $3,253 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 lost 0.4% to $3,744 a ton, lead gave up 1.3% to $1,884.50, nickel shed 0.9% to $16,795 while tin was little changed at $55,815.
Copper and industrial metals ease
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 on the London Metal Exchange was down 0.04% at $14,126.50 a metric ton by 1600 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.
