METALS-Copper slips on firm dollar, concerns about global economy
XLB•Shanghai copper demand signs weaken as aluminium and other metals fall
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.
LME aluminium CMAL3 dropped 1.1% in official activity to $3,274 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 0.8% to $3,727 a ton, lead CMPB3 gave up 0.6% to $1,899, nickel CMNI3 shed 0.7% to $16,830 while tin CMSN3 rose 0.8% to $56,250.
Copper and industrial metals slip on dollar strength and growth worries
LONDON, Aug 13 (Reuters) - 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 fell 0.4% to $14,080 a metric ton in official open-outcry trading, 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.
"It's clear that there's tightness in the market. But there's also a lot of question marks about the global economy and the dollar is taking the edge off prices," said Nitesh Shah, commodity strategist at WisdomTree.
