May 23 (Reuters) – Most nonferrous metals declined on
Tuesday, as a firmer dollar made greenback-priced metals more
expensive to holders of other currencies.
The most-traded July copper contract on the Shanghai Futures
Exchange declined 0.8% to 64,600 yuan ($9,345.93) a
tonne by 0409 GMT, while three-month copper on the London Metal
Exchange rose 0.1% to $8,135.50 a tonne.
The dollar touched a six-month high against the yen, as
expectations grew that U.S. interest rates will remain higher
for longer and as the debt-ceiling impasse kept risk sentiment
fragile.
LME aluminium eased 0.1% to $2,260.50 a tonne,
nickel declined 1.1% to $21,180 a tonne, zinc
eased 0.3% to $2,425.50 a tonne, lead decreased 0.2% to
$2,082.50 a tonne, while tin rose 0.2% to $25,000 a
tonne.
SHFE aluminium declined 0.5% to 18,030 yuan a
tonne, nickel eased 0.3% to 166,140 yuan a tonne, zinc
dropped 1.5% to 20,085 yuan a tonne, tin
decreased 1.5% to 196,510 yuan a tonne and lead shed
0.6% to 15,295 yuan a tonne.
Concerns about China metals demand also weighed on
sentiment.
Rising copper inventories in LME exchange warehouses
<MCUSTX-SGH> weighed on London prices, while declining
stockpiles in SHFE warehouses <CU-STX-SGH> provided some support
to China prices.
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DATA/EVENS (GMT)
0715 France HCOB Mfg, Serv, Comp Flash PMIs
0730 Germany HCOB Mfg, Serv, Comp Flash PMIs
0800 EU HCOB Mfg, Serv, Comp Flash PMIs
0830 UK Flash Mfg, Serv, Comp PMIs
1345 US S&P Global Mfg, Serv, Comp Flash PMIs
($1 = 6.9121 yuan)
(Reporting by Mai Nguyen in Hanoi; Editing by Subhranshu Sahu)
