Prices of most nonferrous metals declined on Tuesday, weighed down by a stronger dollar and concerns about demand in top consumer China.
Three-month copper on the London Metal Exchange eased 0.2 percent to $8,366 per metric ton, while the most-traded March copper contract on the Shanghai Futures Exchange was nearly flat at 67,860 yuan ($9,457.97) a ton.
The dollar climbed as hawkish remarks from central bankers tempered expectations for interest rate cuts and traders waited to hear from the US Federal Reserve’s influential Christopher Waller.
A stronger dollar makes greenback-priced metals more expensive to holders of other currencies.
Meanwhile, China’s central bank left the medium-term policy rate unchanged on Monday, defying market expectations for a cut as a weaker currency limited the scope of near-term monetary easing to boost the economy.
LME nickel fell 0.4 percent to $16,160 a ton, lead dipped 0.3 percent to $2,102, tin was unchanged at $24,781, zinc was nearly flat at $2,558 and aluminum edged up 0.1 percent at $2,205.50.
SHFE nickel dropped 0.7 percent to 126,830 yuan, lead edged up 0.1 percent to 16,225 yuan, and tin advanced 0.2 percent to 208,820 yuan.
SHFE aluminum fell 0.5 percent to 18,840 yuan a ton, having hit a four-week low of 18,805 yuan earlier in the session and on track for a fourth straight daily loss.
