METALS-London copper prices slip on fears of slowdown and dollar firm
June 28 (Reuters) - London copper prices fell on Tuesday on a firm U.S. dollar and lingering concerns that rapid interest rate hikes would lead to a global economic slowdown, hitting demand for metals. FUNDAMENTALS * Three-month copper on the London Metal Exchange
was down 0.6% at $8,368.50 a tonne, as of 0236 GMT. * The most-traded August copper contract in Shanghai rose 0.7% to 63,890 yuan ($9,539.52) a tonne. * Expectations of rapid interest rate hikes by major central banks, including the U.S. Federal Reserve, to combat soaring inflation have battered equities and commodities in recent weeks. [nW1N2X9040] [.N] * The dollar index held firm against its rivals, making greenback-denominated metals more expensive for other currency holders. [USD/] * New orders for U.S.-made capital goods and shipments increased solidly in May, pointing to sustained strength in business spending on equipment in the second quarter, but rising interest rates and tighter financial conditions could slow momentum. [nL1N2YC0H2] * Chilean state-owned Codelco, the world's largest copper producer, will adjust its strategy to produce more sustainable copper and meet the Andean country's growing environmental demands. [nL4N2YC08E] * Mainland China reported 100 new coronavirus cases for June 27, compared with 106 new cases a day earlier, the National Health Commission said. [nK7N2PR02F] * Beijing on Saturday said it would allow primary and secondary schools to resume in-person classes and Shanghai's top party boss declared victory over COVID-19 after the city reported zero new local cases for the first time in two months. [nL1N2YC02I] * China's monetary policy will continue to be accommodative to support economic recovery, People's Bank of China Governor Yi Gang was quoted by state media as saying. [nL1N2YE0LZ] MARKETS NEWS * Asian shares edge down in early trade with investors taking their cue from a volatile Wall Street session overnight, while oil prices climbed following last week's rout. [MKTS/GLOB] DATA/EVENTS (GMT) 1400 US Consumer Confidence June PRICES Three month LME copper Most active ShFE copper Three month LME aluminium Most active ShFE aluminium Three month LME zinc Most active ShFE zinc Three month LME lead Most active ShFE lead Three month LME nickel Most active ShFE nickel Three month LME tin Most active ShFE tin ($1 = 6.6974 Chinese yuan) (Reporting by Brijesh Patel in Bengaluru; Editing by Subhranshu Sahu) (([email protected]; Within U.S. +1 651 848 5832, Outside U.S. +91 8067493865; Reuters Messaging: [email protected])) (( For related news and prices, click on the codes in brackets: LME price overview COMEX copper futures <0#HG:> All metals news [MTL] All commodities news [C] Foreign exchange rates SPEED GUIDES )) Keywords: GLOBAL METALS/
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