Three-month copper on the London Metal Exchange was down 0.8% to $8,893 a tonne as of 0755 GMT, while the most-traded May copper contract on the Shanghai Futures Exchange closed 0.4% lower at 69,350 yuan ($10,072.33) a tonne. "The interest rate hiking pace looks set to continue in the United States. China demand is still not there," said a metals trader. "(Copper price) upside looks pretty capped as selling will come back in as the price recovers," the trader said. Federal Reserve Bank of New York President John Williams said on Wednesday that inflation is still too high and the U.S. central bank will take measures to lower it. The Fed is likely to deliver a final 25 basis point hike in May and then hold rates steady for the rest of 2023, according to a Reuters poll, which also predicted a short and shallow recession this year. Higher interest rates in the United States usually translates to a firmer dollar, which makes greenback-priced metals more expensive to holders of other currencies. Yangshan copper premium , which indicates the demand for imported copper into top consumer China, was at $27.50 a tonne on Tuesday, down 45% from nearly five weeks ago, SMM data on Refinitiv Eikon showed. LME aluminium shed 0.6% to $2,431 a tonne, nickel fell 0.4% to $25,450 a tonne, zinc eased 1.2% to $2,755.50 a tonne, lead diminished 0.7% to $2,141 a tonne and tin dropped 0.9% to $26,830 a tonne. SHFE zinc dropped 1.4% to 22,065 yuan a tonne, tin decreased 0.4% to 219,490 yuan a tonne, while aluminium rose 1% to 19,205 yuan a tonne and nickel advanced 0.2% to 195,680 yuan a tonne. For the top stories in metals and other news, click or ($1 = 6.8852 yuan) (Reporting by Mai Nguyen in Hanoi; Editing by Rashmi Aich, Uttaresh Venkateshwaran and Sonia Cheema)
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