Three-month copper on the London Metal Exchange fell
1.2% to $8,372 a tonne by 0828 GMT, aluminium declined
0.9% to $2,248 a tonne, nickel fell 0.4% to $22,450 a
tonne and tin was down 1.2% at $25,540 a tonne.
China's consumer prices rose at the slowest pace in more
than two years in April, while factory gate deflation deepened,
suggesting a patchy post-COVID economic recovery.
Data on Wednesday also showed Chinese imports contracted
sharply in April, while exports rose at a slower pace,
reinforcing signs of feeble domestic demand despite the lifting
of COVID curbs.
"Weak imports from China sparked this week's selloff. ...
This comes as stockpiles climb in Asian (LME) warehouses, a sign
there is little interest from buyers for newly arriving
material," said ANZ analysts in a note.
LME lead fell 0.5% to $2,125.50 a tonne and zinc lost 0.7% to $2,604.50 a tonne.
China's slowing inflation also sent the dollar higher and
made greenback-priced metals more expensive to holders of other
currencies.
In China, the Yangshan premium fell to $21.50
a tonne on Wednesday, its lowest since March 10, indicating
tepid appetite to import copper into China.
The most-traded June copper contract on the Shanghai Futures
Exchange declined 2.9% to 65,310 yuan ($9,448.65) a
tonne, nickel dropped 5.4% to 169,580 yuan a tonne,
aluminium fell 1.4% to 18,030 yuan a tonne.
SHFE zinc decreased 2.1% to 20,970 yuan a tonne,
tin edged down 0.2% at 206,600 yuan a tonne while lead rose 0.1% to 15,305 yuan a tonne.
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(Reporting by Mai Nguyen in Hanoi; Editing by Rashmi Aich and
Uttaresh Venkateshwaran)
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