METALS-Copper slips on stronger dollar, China demand hopes check losses

BEIJING, Feb 17 (Reuters) - London copper prices retreated on Friday, pressured by a firmer dollar on bets of more rate hikes from the U.S. Federal Reserve, although the decline was limited by prospects of better demand in top buyer China. Three-month copper on the London Metal Exchange dipped 0.4% to $8,989.50 a tonne by 0126 GMT, after rebounding
from a five-week low on Thursday. The dollar held onto gains against a basket of currencies on Thursday, as stronger-than-expected producer prices and falling jobless claims indicated the Fed would have to maintain interest rates higher for longer. Hopes for a recovery in China demand grew as a build-up in metals stocks slowed this week, lending some support to the market. The most-traded March copper contract on the Shanghai Futures Exchange rose 1.3% to 69,160 yuan ($10,083.10) a tonne.

LME aluminium gained 0.5% to $2,406 a tonne, zinc moved up 0.6% to $3,021.50, tin was little changed at $27,005, and lead was up 0.9% at $2,047.50.

SHFE aluminium rose 1% to 18,570 yuan a tonne and tin increased 1.6% to 215,420 yuan a tonne and nickel climbed 1.1% to 206,360 yuan a tonne, while lead shed 0.4% to 15,120 yuan a tonne. For the top stories in metals and other news, click or ($1 = 6.8590 Chinese yuan) (Reporting by Siyi Liu and Dominique Patton; Editing by Subhranshu Sahu)

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METALS-Copper slips on stronger dollar, China demand hopes check losses

By Reuters

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