NEW DELHI- Copper prices edged lower on Tuesday, pressured by a stronger US dollar, while traders weighed demand prospects in top consumer China after the Lunar New Year break.
Prices were briefly up after China cut the benchmark reference rate for mortgages at a monthly fixing as authorities ramped up efforts to stimulate credit demand and revive the property market.
The five-year loan prime rate (LPR) was lowered by 25 basis points to 3.95 percent from 4.20 percent previously, while the one-year LPR was left unchanged at 3.45 percent .
Three-month copper on the London Metal Exchange was down 0.2 percent at $8,415 per metric ton.
The most-traded March copper contract on the Shanghai Futures Exchange (SHFE) fell 0.2 percent to 68,270 yuan ($9,484.45) a ton.
In the broader currency market, the dollar edged higher, though moves were largely subdued due to a US holiday on Monday.
A stronger US currency makes dollar-priced metals more expensive for holders of other currencies.
