Base metals decline

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Prices of non-ferrous metals declined on Thursday as a firmer US dollar made greenback-priced commodities more expensive to holders of other currencies.

Three-month copper on the London Metal Exchange was down 0.5 percent  at $7,991.50 per metric ton while the most-traded December copper contract on the Shanghai Futures Exchange shed 0.5 percent  to 66,530 yuan ($9,091.53) per metric ton.

The safe-haven dollar hovered near a one-week high, as Treasury yields rose and investor appetite for riskier currencies dimmed.

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LME aluminum dipped 0.4 percent  to $2,210.50 a ton, nickel dropped nearly 1 percent  to $18,150, zinc lost 0.6 percent  to $2,466, lead eased 0.1 percent  to $2,082, and tin dropped 1 percent  to $24,965.

SHFE aluminum eased 0.1 percent  to 18,965 yuan a ton, nickel fell 0.4 percent  to 147,020 yuan, zinc edged down 0.1 percent  to 21,120 yuan, lead shed 0.4 percent  to 16,370 yuan, and tin declined 1.1 percent  to 213,700 yuan.

LME lead inventories climbed to 121,725 tons, their highest since March 2021.

The global lead market recorded a surplus of 71,000 tons in the first eight months of 2023, compared with a deficit of 141,000 tons in the year-ago period, data from the International Lead and Zinc Study Group showed.

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