Prices of most base metals fell on Tuesday as traders gauged the risks of a global economic downtrend and weak consumption, shedding gains logged in the previous session after top consumer China reopened its borders.
Three-month copper on the London Metal Exchange was down 0.9 percent at $8,778 a ton, while the most-traded March copper contract on the Shanghai Futures Exchange rose 1.4 percent to 66,570 yuan ($9,819.31) a ton, tracking overnight gains in London.
LME aluminum dipped 0.4 percent to $2,428 a ton, zinc declined 1.2 percent to $3,167 a ton, lead fell 1 percent to $2,229 a ton and tin shed 2.1 percent to $25,310 a ton.
SHFE lead declined 0.3 percent to 15,515 yuan a ton, tin was down 1 percent at 203,440 yuan a ton, while aluminum rose 1.5 percent to $18,185 a ton and zinc climbed 1.9 percent to 23,770 yuan a ton.
Base metals prices rose strongly on Monday, driven higher by an improving demand outlook after top consumer China reopened its border after years of restrictions due to the COVID-19 pandemic, boosting LME copper to its highest in more than six months.
But fundamentally, the global economy is still at risk of a recession and the US dollar could still firm up even more amid prospects of further interest rate hikes, making greenback-priced metals more expensive to holders of other currencies.
