METALS-Copper falls as attention turns to demand concerns after rally
XLB•Other LME and SHFE metals weaken
Prices for aluminium on the LME CMAL3 fell by 0.75% and were set to end the week 1.19% down. On the SHFE, SAFcv1 fell by 1.14%.
Supply recovery prospects from the Middle East relieved some expected tightness and alumina production at Norsk Hydro's NHY.OL Alunorte refinery in Brazil started scaling back up on Thursday, the company said, after a temporary output reduction that supported prices.
Among LME metals, zinc CMZN3 dipped 0.33%, lead CMPB3 dipped 0.24%, nickel CMNI3 lost 0.36% and tin CMSN3 dipped 0.07%.
On the SHFE, zinc SZNcv1 dipped 0.19%, lead SPBcv1 lost 0.88%, nickel SNIcv1 lost 1.32% and tin SSNcv1 was little changed, up only 0.04%.
($1 = 6.7430 Chinese yuan renminbi)
Copper slips as analysts question demand after recent rally
SINGAPORE, Aug 14 (Reuters) - Copper prices slipped on Friday, but remained slightly higher for the week so far, as analysts questioned whether global demand could keep up with the red metal's recent price rally.
Benchmark three-month copper CMCU3 on the London Metal Exchange was down 0.34% at $14,100.5 a metric ton by 0715 GMT.
The red metal is on track for a 0.3% increase this week, the seventh consecutive weekly gain - its longest streak since 2020 - during which it has gained 5.49%.
The most-traded copper contract on the Shanghai Futures Exchange SCFcv1 edged 0.12% lower to 107,690 yuan ($15,970.64) a ton.
Inflationary pressures have cooled, and interest-rate-hike fears have receded, which could help economic activity, on the back of benign U.S. inflation data.
"Demand for base metals may appear resilient, but we still think it is questionable if it can sustain the same strong momentum given how quickly asset prices have accelerated while wage growth is somewhat subdued," Fastmarkets analyst Andy Farida said.
