Base metals fall on economic worries, strong dollar

Base metals fall on economic worries, strong dollar

Eunice 0 51 2023.06.26 00:00
BEIJING, May 24 (Reuters) - Prices of base metals drifted lower on Wednesday amid growing concerns over the performance of major economies and as a strong U.S.
dollar made it less attractive to Buy Casino Script greenback-priced commodities.
Three-month copper on the London Metal Exchange was down 1% to $8,019 a tonne by 0343 GMT, extending losses from the previous session and reaching a near six-month low.
The most-traded July copper contract on the Shanghai Futures Exchange fell 1.4% to 63,800 yuan ($9,230.19) a tonne.
Copper prices, often seen as an economic bellwether, have lost 6.7% so far this month, and market views were mixed on whether a price rebound is likely.
The fall in prices encouraged users to restock, pushing up spot premium in the market, analysts at Guangda Futures said.
Copper import premium in Yangshan, reflecting import appetite, ticked up to $35 a tonne on Tuesday.

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That said, the overall demand outlook for the metal, which is used widely in construction, power and transportation sectors, remained subdued, as China's economic recovery falters.
The dollar held steady on Wednesday after hitting a two-month high in the previous session, amid a lack of progress in U.S.

debt limit nrgotiations.
The global refined copper market registered a 2,000-tonne surplus in March, compared with a 196,000-tonne surplus in the previous month, the International Copper Study Group (ICSG) said in its latest monthly bulletin.
LME aluminium was down 0.5% at $2,215 a tonne, zinc dropped 1.6% to $2,333.50, nickel nudged 0.5% lower to $20,950, tin dipped 0.1% to $24,285, while lead held steady at $2,073.50.
SHFE aluminium eased 2.4% to 17,595 yuan a tonne, zinc fell 3.2% to 19,420 yuan, lead edged 0.1% lower to 15,290 yuan, nickel slid 1.6% to 163,640 yuan, and tin declined 0.3% at 195,600 yuan.
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($1 = 6.9121 Chinese yuan renminbi) (Reporting by Siyi Liu and Dominique Patton; Editing by Subhranshu Sahu and Sonia Cheema)

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