Chinese demand fears topple copper from 3-week high
Other base metals also fell, while nickel was pushed lower after Philippine lawmakers blocked the appointment of an anti-mining environment secretary, raising concerns over supply.
"Once again copper is failing to hold (gains), with investors looking to renewed weakness in iron ore and steel and concerns that Chinese demand may not be as strong as expected," said Ole Hansen, head of commodities strategy at Saxo Bank.
LME COPPER: Benchmark copper on the London Metal Exchange did not trade in official rings but was bid down 2.5 percent at $5,660 a tonne. On Tuesday it touched $5,820, its highest since April 10.
COPPER STOCKS: On-warrant inventories at LME-registered warehouses increased by 38,950 tonnes, or 32 percent, to 160,200 tonnes, the highest since mid-April.
CHINA ECONOMY: Major Chinese banks raised interest rates on housing loans as Beijing attempts to cool its housing market. Chinese stocks also fell.
CHINA STEEL: Worries over Chinese demand caused a recovery in iron ore and steel futures to falter, putting pressure on other industrial metals.
DOLLAR: The dollar inched up as investors eyed a US Federal Reserve statement later on Wednesday for guidance on whether a June interest rate hike is likely.
NICKEL PHILIPPINES: LME Nickel traded 2.1 percent lower at $9,320 a tonne after lawmakers rejected the appointment of Regina Lopez as Philippine Environment Secretary, which may ease a crackdown on the country's mines. The Philippines are a major exporter of nickel laterite ore.
LEAD STOCKS: Traders were watching a large position holding more than 90 percent of warrants. Cancelled warrants -- material earmarked for delivery and so not available to the market -- rose and accounted for nearly half of total inventories.
LEAD SPREADS: The premium, or backwardation, for cash metal over the three-month contract eased to $12 from $34.50 a tonne on Friday, signalling greater availability of metal.
ALUMINIUM POLL: A global surplus will fall sharply this year due to an environmental crackdown in top producer China and move to a deficit in 2018, although the market has largely priced in the impact, a Reuters poll showed.
PRICES: Zinc traded down 2 percent at $2,603 a tonne in official rings.
Lead did not trade but was bid 1.7 percent lower at $2,210 a tonne.
Tin traded down 0.4 percent at $19,875 and aluminium traded down 0.4 percent at $1,922.