Three-month copper on the London Metal Exchange was down 0.19% at $9,014 a tonne by 0400 GMT, after reaching its highest since Mar. 2 at $9,047.5 a tonne on Thursday. The most traded May copper contract on the Shanghai Futures Exchange was up 1.17% to 69,300 yuan a tonne.
A weaker dollar, which makes dollar-priced commodities cheaper for buyers holding other currencies, had supported copper in the last session.
The dollar was steady on Friday near seven-week lows as nervousness over the banking system kept investors skittish and traders absorbed the Fed's hints of a pause to its interest rate tightening cycle. The Fed on Wednesday raised rates by a widely expected 25 basis points (bps), but took a cautious stance on outlook because of turmoil in the banking sector. U.S. Treasury Secretary Janet Yellen on Thursday reiterated that she was prepared to take further action to ensure that Americans' bank deposits stayed safe, in a bid to calm investor nerves. "While industrial metals remain sensitive to macroeconomic developments, green shoots are emerging in Chinese demand," said Soni Kumari, commodity strategist at ANZ Research. "If the ongoing banking crisis is not destabilising, we believe industrial metals prices are set to outperform."
LME zinc edged 0.21% higher to $2,913, tin was up 1.43% to $24,695, lead weakened 0.49% to
$2,115.50, while aluminium was up 0.52% at $2,338 a
tonne.
SHFE aluminium was up 1.01% to 18,435 yuan a tonne,
nickel was 2.57% higher at 179,370 yuan, tin was up 5.83% at 199,550 yuan, while zinc was up 1.64%
at 22,580 yuan, lead was unchanged at 15,385 yuan.
DATA/EVENTS (GMT)
0700 UK Retail Sales MM, YY Feb
0700 UK Retail Sales Ex-Fuel MM Feb
0815 France S&P Global Mfg, Serv, Comp Flash PMIs March
0830 Germany S&P Global Mfg, Serv, Comp Flash PMIs March
0900 EU S&P Global Mfg, Serv, Comp Flash PMIs March
0930 UK Flash Comp, Mfg, Serv PMIs March
1230 US Durable Goods Feb
1345 US S&P Global Mfg, Serv, Comp Flash PMIs March
For the top stories in metals and other news, click or (Reporting by Neha Arora; Editing by Sonia Cheema)
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