Prices of most non-ferrous metals declined on Wednesday, as a firm dollar and weak economic data globally weighed on the demand outlook for the sector.
Three-month copper on the London Metal Exchange eased 0.2 percent to $8,339.50 per metric ton, while the most-traded August copper contract on the Shanghai Futures Exchange fell 0.4 percent to 67,890 yuan ($9,387.96) per metric ton.
The dollar edged higher, with traders looking ahead to the release of minutes, due later in the day, from the US Federal Reserve’s latest meeting for clues about the country’s monetary policy path.
A firmer dollar makes greenback-priced metals more expensive to holders of other currencies.
Meanwhile, data from the United States and Europe released earlier this week showed manufacturing in June tumbled to the weakest level seen in the earlier days of the coronavirus pandemic. Top metals consumer China also posted slowing growth.
LME aluminum declined 0.4 percent to $2,159 per metric ton, zinc shed 0.6 percent to $2,397.50, lead eased 0.3 percent to $2,086, tin dropped 1.1 percent to $27,030 while nickel rose 0.2 percent to $20,545.
SHFE aluminum fell 0.6 percent to 17,925 yuan per metric ton, nickel eased 0.2 percent to 158,750 yuan, lead declined 0.5 percent to 15,470 yuan, tin decreased 0.6 percent to 223,850 yuan, while zinc advanced 0.9 percent to 20,235 yuan.
