Most nonferrous metals futures fell on Tuesday, as a firmer US dollar and concerns over the Chinese property sector weighed on risk sentiment.
The most-traded November copper contract on the Shanghai Futures Exchange declined 0.9 percent to 67,270 yuan ($9,202.84) per metric ton.
SHFE aluminum eased 0.3 percent to 19,345 yuan a ton, nickel fell 0.7 percent to 157,220 yuan, lead declined 0.5 percent to 16,775 yuan and tin dropped 1.5 percent to 219,980 yuan.
The dollar hit a 10-month high against a basket of major currencies, supported by US bond yields scaling 16-year peaks.
A stronger dollar makes greenback-priced metals more expensive to holders of other currencies.
“This is bad for all risk assets. Physical demand for metals is weak, hence the larger and larger contango,” said a metals trader.
A unit of property developer China Evergrande Group said it failed to pay a bond on time, following news that Evergrande was unable to meet qualifications to issue new notes under its debt restructuring proposal.
The Chinese property sector accounts for a vast amount of metals consumption. Investors and traders had hoped that a recovery in the Chinese real estate market could boost metals demand.
