Most base metals prices fell on Tuesday, as a strong dollar and an absence of details on further stimulus measures amid a rate cut from top consumer China weighed on sentiment, Reuters reports.
China lowered two benchmark lending interest rates as widely expected, amid efforts to shore up a slowing recovery, but the cut failed to lift metals prices on a lack of stimulus measures expected after the country released poor economic data.
The U.S. dollar rose broadly, while the yuan slipped after China cut rates, making greenback-priced metals more expensive to holders of other currencies, especially those in China, a traditional importer of metals.
Three-month copper on the London Metal Exchange was down 0.6% to $8,492 per metric tonne by 0231 GMT, while the most-traded July copper contract on the Shanghai Futures Exchange declined 0.1% to 68,440 yuan ($9,539.21) per metric tonne.
LME aluminium edged down 0.1% to $2,238 per metric tonne, nickel fell 0.8% to $22,330, zinc shed 0.6% to $2,421.50, lead eased 0.3% to $2,126.50, tin dipped 0.4% to $26,800.
SHFE nickel declined 1% to 168,490 yuan per metric tonne, zinc lost 0.8% to 20,245 yuan, while aluminium rose 0.4% to 18,530 yuan, lead advanced 0.2% to 15,515 yuan and tin increased 0.3% to 217,090 yuan.
Alex Shishlo for Rough&Polished
