Base metal prices on Friday edged down from near multi-year peaks after US President Donald Trump backed a stronger dollar, prompting the currency to trade above its recent lows. The most-traded March copper contract on the Shanghai Futures Exchange closed down 0.2 percent at 53,430 yuan ($8,448.77) a tonne on Friday.
"The previous day's bounce was too sudden. After the prices rose, there are not many people looking to buy high," says Xu Maili, director of non-ferrous metal research at Everbright Futures in Shanghai. Copper inventories in warehouses monitored by the ShFE fell 6.8 percent week-on-week, the exchange said on Friday, while aluminium stocks rose to another record high and ever-tight lead stocks shrank.
Nickel was the sole gainer among base metals, nudging up 0.2 percent in London, and climbing 1.1 percent in Shanghai, where it has clocked a weekly gain of 7.8 percent on positive demand prospects in China.
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