(Updates prices, adds details, context)
By Polina Devitt
LONDON, March 15 (Reuters) - Copper prices fell on
Wednesday as a stronger dollar dented buying appetite from
holders of other currencies while commodities and equities
markets were shaken by fresh banking sector concerns.
Credit Suisse shares hit a record low on Wednesday
in a rout of European bank stocks after the collapse of Silicon
Valley Bank in the United States. Oil prices plunged to their
lowest in more than a year and the dollar index rose on
safe-haven buying.
Three-month copper on the London Metal Exchange
(LME) was down 3.9% at $8,493 a tonne by 1652 GMT after touching
its lowest since Jan. 6 at $8,489.50.
"The dollar index is stronger and the European equity market
is down, with concerns about the banking crisis being the key
driver," said Dan Smith, head of research at Amalgamated Metal
Trading, adding that those effects were partially offset by
Chinese demand hopes.
China is the world's largest consumer of copper used in
electrical wiring and construction.
Economic activity in China picked up in the first two months
of 2023 as consumption and infrastructure investment drove
recovery from pandemic disruption despite challenges of weak
global demand and a downturn in the property sector.
LME aluminium was down 3.5% at $2,270.5 a tonne
despite fresh output cuts in the power-intensive sector.
Alcoa's Australian business will reduce output at its
Portland smelter while Slovenia's Talum said it will halt
production of primary aluminium in April, cutting 120 jobs.
Zinc shed 1.6% to $2,864.5 a tonne and tin lost 3.7% to $22,100 while nickel eased by 0.4% to
$22,960 and lead was down 0.8% at $2,069.
For the top stories in metals and other news, click or (Reporting by Polina Devitt
Additional reporting by Siyi Liu and Dominique Patton
Editing by David Goodman)
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