Most base metals prices fell on Tuesday, as a strong dollar and an absence of details on further stimulus measures amid a rate cut from top consumer China weighed on sentiment.
China lowered two benchmark lending interest rates as widely expected, amid efforts to shore up a slowing recovery, but the cut failed to lift metals prices on a lack of stimulus measures expected after the country released poor economic data.
The US dollar rose broadly, while the yuan slipped after China cut rates, making greenback-priced metals more expensive to holders of other currencies, especially those in China, a traditional importer of metals.
Three-month copper on the London Metal Exchange was down 0.6 percent to $8,492 per metric ton by 0231 GMT, while the most-traded July copper contract on the Shanghai Futures Exchange declined 0.1 percent to 68,440 yuan ($9,539.21) per metric ton.
LME aluminum edged down 0.1 percent to $2,238 per metric ton, nickel fell 0.8 percent to $22,330, zinc shed 0.6 percent to $2,421.50, lead eased 0.3 percent to $2,126.50, tin dipped 0.4 percent to $26,800. – Reuters
