BEIJING- Copper prices trended lower on Wednesday on a steady US dollar, softening demand and higher inventories in top consumer China.
Three-month copper on the London Metal Exchange (LME) lost 0.5 percent to $10,802.50 per metric ton, cooling after a rally that pushed prices to a record high on Monday.
The most-traded June copper contract on the Shanghai Futures Exchange (SHFE) was down 0.8 percent to 86,500 yuan ($11,949.66) a ton.
The dollar was steady against a handful of peers on Wednesday, as the market assessed calls for patience from Federal Reserve officials and awaited the publication of Fed minutes for more insight on the central bank’s interest rate path.
A stronger dollar makes it more expensive to buy the greenback-priced commodity.
Also weighing on copper was weak physical demand in top consumer China after prices hit record highs and mounting inventories.
Copper warehouse stocks on SHFE stood at 291,020 tons last Friday, more than four times higher than that in the beginning of February.
LME aluminum slipped 0.1 percent to $2,723.50 a ton, nickel dropped 0.4 percent to $21,210, zinc was little moved at $3,138.50, tin decreased 0.3 percent to $33,225, while lead gained 0.5 percent to $2,348.
SHFE aluminum climbed 0.7 percent to 21,285 yuan a ton, zinc advanced 0.6 percent to 24,830 yuan, tin added 0.5 percent to 279,000 yuan, while lead fell 1.6 percent to 18,590 yuan, and nickel was flat at 157,820 yuan.
