METALS-Copper Slips on China Demand Concerns, Firm Dollar

SEATTLE (Scrap Monster): Copper prices weakened slightly on Wednesday, as renewed concerns over China's economydented demand outlook and a firm U.S. dollar sparked pressure.

Three-month copper on the London Metal Exchange (LME) edged down 0.1% to $8,101.50 per metric ton by 0447 GMT, after recording a third consecutive monthly loss in October.

The most-traded December copper contract on the Shanghai Futures Exchange SCFcv1 fell 0.3% to 67,210 yuan ($9,183.20) per ton.

Weakness in market sentiment was exacerbated by an unexpected contraction in China's factory activity, showed by a private survey on Wednesday.

That compounded the downbeat official manufacturing purchasing managers' index (PMI) on Tuesday.

And ths situation is likely to extend as consumption in November is expected to slide further, it added.

Meanwhile, the dollar index =USD was steadier in Asia hours, making the greenback-priced copper less attractive for holders of other currencies.

Investors are also awaiting the U.S. economic figures, along with the Federal Reserve's policy decision later in the day.

LME aluminium CMAL3 eased 0.3% at $2,245 a ton, tin CMSN3 shed 0.6% to $23,935, zinc CMZN3 nudged 0.3% lower to $2,423, nickel CMNI3 fell 0.7% to $18,000, while lead CMPB3 moved up 0.1% to $2,086.50.

SHFE aluminium SAFcv1 slipped 0.1% to 19,185 yuan a ton, zinc SZNcv1 dropped 1.1% at 20,930 yuan, lead SPBcv1 shed 0.2% to 16,265 yuan, nickel SNIcv1 fell 2.5% to 141,040 yuan, and tin SSNcv1 lost 3.7% at 205,060 yuan.

Courtesy: www.nasdaq.com