Copper prices eased on Tuesday as the dollar firmed, while weak economic data from top metals consumer China suggested a gloomy demand outlook, Reuters reported.
Three-month copper on the London Metal Exchange was down 0.4% at $8,365.50 per metric ton by 0327 GMT, while the most-traded August copper contract on the Shanghai Futures Exchange edged up 0.1% at 68,110 yuan ($9,412.40) per metric ton.
The dollar, which has been rising since mid-June on expectations of further U.S. rate hikes, was steady. A firmer dollar makes greenback-priced metals more expensive to holders of other currencies.
Copper prices, however, were supported by low inventories.
Combined copper stockpiles in LME, SHFE, COMEX and China bonded warehouses were last at 225,018 tons, down 55% from March and equivalent to only three days of global copper consumption in 2022, Refinitiv Eikon data showed.
LME aluminium eased 0.2% to $2,154 per metric ton, nickel shed 0.3% to $20,520, lead fell 0.4% to $2,084.50, tin dropped 0.8% to $27,155, while zinc was almost unchanged at $2,365.50.
SHFE aluminium dipped 0.1% to 18,025 yuan per metric ton, nickel eased 0.3% to 158,850 yuan, zinc fell 0.7% to 20,035 yuan, lead declined 0.4% to 15,530 yuan while tin rose 0.7% to 224,380 yuan.
Alex Shishlo for Rough&Polished
