Copper prices slipped on Tuesday, weighed down by a stronger dollar, although demand revival hopes as top consumer China relaxed COVID-19 curbs, and declining inventories limited losses.
Three-month copper on the London Metal Exchange was down 0.6 percent at $9,682.50 a ton.
The most-traded July copper contract in Shanghai was down 0.1 percent at 72,690 yuan ($10,909.50) a ton by the midday break.
The dollar continued its overnight rally into Asian trading hours, hitting fresh two-decade highs versus the yen, as worries about persistent inflation pushed up US bond yields.
A stronger dollar makes greenback-denominated metals more expensive for buyers using other currencies.
Copper, often used as a gauge of global economic health, jumped 4.4 percent on Monday to hit its highest since April 27 at $9,916.19 on strong China demand prospects.
“Sentiment is boosted by signs that China is easing pandemic restrictions. Nevertheless, traders are still waiting for more concrete signs that easing restrictions will feed through into construction activity,” commodity strategists at ANZ said in a note.
Meanwhile, nickel volumes on the London Metal Exchange plummeted in April because commodity funds and other participants abandoned the metal after a meltdown in March left the market in limbo for more than a week.
