HANOI- London copper prices fell on Thursday, slipping from an eight- year high hit in the previous session, as data showed soft US inflation while trading was tepid during a major holiday in top consumer China.
The three-month copper contract on the London Metal Exchange fell 0.7 percent to $8,243 a ton, while aluminum declined 0.7 percent to $2,065.50 a ton, lead shed 0.7 percent to $2,080.50 a ton and zinc eased 0.2 percent at $2,719 a ton.
US consumer prices rose moderately in January, tempering expectations for a sustained acceleration in inflation this year.
Commodities are usually hedged against inflation as their prices usually rise when inflation is accelerating.
Meanwhile, trading was subdued as the Shanghai Futures Exchange is shut during Feb. 11-17 for the Lunar New Year holidays. – Reuters