($10,055.15) a tonne. "Commodity traders, funds and companies have rushed to cut positions on copper and other metals," broker SP Angel said in a note. "We read this as short-term deleveraging and risk-off trading." Prices pulled back despite the U.S. dollar's weakness that makes greenback-priced metals cheaper for buyers with other currencies. The dollar was still on the back foot on Wednesday following two consecutive days of losses.
"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. LME nickel was down 0.5% at $23,960 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. LME aluminium fell 0.5% to $2,377 a tonne, zinc shed 0.5% to $2,922.50, tin was down 0.8% at $25,570 and lead edged down 0.2% to $2,130. In Shanghai, aluminium gained 0.4% to 18,690 yuan a tonne, zinc added 0.5% to 22,735 yuan, nickel rose 0.8% to 179,550 yuan, tin climbed 0.7% to 205,980 yuan, while lead fell 1% to 15,260 yuan. For the top stories in metals and other news, click or . ($1 = 6.89 yuan) (Reporting by Enrico Dela Cruz in Manila; Editing by Sonia Cheema and David Holmes)
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