March 29 (Reuters) - Copper edged down during Asian
trading hours on Wednesday as investors remained cautious
following weeks of volatility in financial markets due to
turmoil in the banking sector, although fears of a full-blown
crisis have eased.
Three-month copper on the London Metal Exchange was
down 0.4% at $8,945 a tonne by 0327 GMT, after two straight
sessions of modest gains.
The most-traded May copper on the Shanghai Futures Exchange shed 0.2% to 69,280 yuan ($10,065.82) a tonne.
"Clearly, investors have not completely lost their anxiety
in the wake of the recent bank failures in the U.S. and hints of
a big regulatory overhaul are likely to weigh on the sector
until details emerge," ING analysts said in a note.
Copper, however, appeared to be supported near $9,000 a
tonne, with the U.S. dollar still on the back foot
following two consecutive days of losses. A weak dollar makes
greenback-priced metals cheaper for buyers with other
currencies.
LME nickel was down 1.3% at $23,765 a tonne,
retreating after hitting a three-week high in the previous
session and advancing for four consecutive sessions on dwindling
inventories and short-covering by speculators.
Technical resistance for LME nickel was seen at $24,200 a
tonne, according to broker Marex. Rising output in Indonesia is
likely to curb prices, analysts said.
LME aluminium fell 0.7% to $2,373.50 a tonne, zinc shed 0.7% to $2,915, tin was down 1% at $25,505
and lead dipped 0.9% to $2,115.50.
In Shanghai, aluminium gained 0.3% to 18,670 yuan a
tonne, zinc added 0.2% to 22,660 yuan, nickel rose 0.6% to 179,190 yuan, tin climbed 0.5% to 205,560
yuan, while lead fell 0.9% to 15,275 yuan.
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(Reporting by Enrico Dela Cruz in Manila; Editing by Sonia
Cheema)
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