London copper prices slipped on Monday, as a firmer US dollar made greenback-priced metals more expensive to holders of other currencies, while rising inventories signalled continued weak demand in top consumer China.
Three-month copper on the London Metal Exchange eased 0.1% to $8,977 a tonne by 0140 GMT and lead declined 0.2% to $2,061.50 a tonne, while aluminium rose 1.4% to $2,420.50 a tonne, zinc advanced 0.2% to $3,065 a tonne and tin increased 0.6% to $26,000 a tonne.
The most-traded March copper contract on the Shanghai Futures Exchange was up 0.1% at 69,050 yuan a tonne, tracking gains in London prices in the previous session on supply disruption issues.
SHFE aluminium increased 1.3% to 18,755 yuan a tonne, zinc climbed 1.8% to 23,280 yuan a tonne and lead was up 0.2% at 15,160 yuan a tonne, while tin fell 2.9% to 207,800 yuan a tonne and nickel shed 0.7% to 203,500 yuan a tonne.
The dollar was on the front foot, supported by a strong run of economic data out of the United States that traders bet will keep the Federal Reserve on its monetary policy tightening path for longer than initially expected.
Meanwhile, copper inventories in SHFE warehouses rose again by the end of last week.
Copper heads for weekly gain on hopes for Chinese demand
The stocks have been building up every week since the end of last year, although the weekly gain on Friday was the smallest in nearly two months.
Analysts have forecast Chinese copper consumption to rebound strongly in March.
Production and export disruptions in mining countries like Peru, Indonesia and Panama have also lent support to copper prices.
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