Mumbai, 11 Apr (Commoditiescontrol): London Metal Exchange (LME) copper prices were treading water on Thursday, as the U.S. dollar firmed after stronger-than-expected inflation data and countered support from supply-side disruptions.
Three-month copper on the LME nudged 0.2% higher to $9,392 per metric ton. The most-traded June copper contract on the Shanghai Futures Exchange (SHFE) was down 0.4% to 76,240 yuan ($10,537.52) per ton.
Data released on Wednesday showed that U.S. inflation rose more than expected in March, pushing out the expected timing of a first rate cut to September from June. That weighed on the outlook for metals demand and sent the dollar surging. A stronger dollar makes it more expensive to buy the greenback-priced metals.
But the broader backdrop remains positive for copper, said ANZ analysts. Supply-side disruptions and a pick-up in China's manufacturing activity should see the market remain tight, they added.
China's consumer prices in March rose for a second straight month while producer price deflation persisted, pointing to still weak demand despite signs that the struggling economy is regaining some momentum.
LME tin slid 0.8% to $31,750 a ton, aluminium increased 0.1% to $2,458, nickel was down 0.4% at $18,300, zinc was steady at $2,737 and lead lost 0.9% at $2,155.50.
SHFE tin slipped 0.2% to 246,840 yuan a ton, aluminium dipped 0.1% to 20,355 yuan, nickel gained 0.2% to 139,530 yuan, zinc rose 1.4% to 22,585 yuan and lead edged up 0.1% at 16,695 yuan.
(By Commoditiescontrol Bureau: 09820130172)
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