METALS-London copper rises on weak dollar, tepid China demand weighs
HANOI, June 8 (Reuters) – Copper prices in London rose on Tuesday, supported by a subdued dollar, but struggled to surpass a key $10,000-a-tonne level as tepid demand in top consumer China pressured prices.
Three-month copper on the London Metal Exchange rose 0.2% to $9,918.50 a tonne by 0216 GMT, while the most-traded July copper contract on the Shanghai Futures Exchange fell 0.4% to 71,420 yuan ($11,174.39) a tonne, tracking overnight losses in London.
The dollar was subdued, making greenback-priced metals cheaper to holders of other currencies, as investors looked to U.S. inflation data due later this week for any early sign of stimulus tapering by the Federal Reserve.
Yangshan copper premium SMM-CUYP-CN was last at $28 a tonne, hovering around its lowest since February 2016, indicating weakening demand for imported metal into China.
China’s copper imports fell 8% in May from the previous month, official data showed, as record-high prices further eroded buying interest in the country.
* LME nickel fell 0.3% to $17,840 a tonne, zinc advanced 0.4% to $3,012.50 a tonne and tin increased 0.4% to $30,650 a tonne.
* ShFE aluminium dropped 0.8% to 18,320 yuan a tonne, nickel shed 0.8% to 130,610 yuan a tonne while lead rose 0.5% to 15,060 yuan a tonne.
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* Asia stocks opened higher, chasing the tailwind of a record high gauge of global equity markets, as investors await clearer signals around inflation and monetary policies in an eventful week.
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