Three-month copper on the London Metal Exchange slid 0.2% to $8,867.50 a tonne by 0233 GMT. The contract has lost 1.7% so far this week.
The most-traded May copper contract on the Shanghai Futures Exchange fell 0.9% to 68,860 yuan ($10,002.61) a tonne. Copper prices, often seen as an economic bellwether, were weighed down by latest U.S. data showing a loss of labor market momentum, and slumping retail sales and manufacturing activity. The dollar was eyeing its first weekly gain in more than a month as bets of another rate hike from the U.S. Federal Reserve in May firm. However, soft economic data pointing to a slowing U.S. economy capped the dollar's gains. A stronger dollar makes the greenback-priced metal less affordable for buyers holding other currencies.
With a slowing economic outlook expected to put pressure on copper prices in the second half of 2023, record-low inventories, supply constraints and expected demand growth in the medium term from green transition will likely deliver sustained price volatility, analysts at National Australia Bank said.
LME aluminium added 0.1% at $2,424 a tonne and zinc nudged up 0.1% to $2,773, while lead eased 0.4% to $2,144.50 and nickel slid 0.6% to $24,905. SHFE aluminium declined 0.8% to 18,970 yuan a tonne, nickel tumbled 2.5% to 190,430 yuan, lead slipped 0.6% to 15,315 yuan and tin fell 2.7% to 212,690 yuan, while zinc gained 0.1% at 22,110 yuan.
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