Updates prices

By Julian Luk

London Nov 14 (Reuters) -Copper prices continued to fall for their fifth consecutive session on Thursday to their three-month low to attract consumers buying the dip.

Three-month copper on the London Metal Exchange (LME) CMCU3 dipped to $8,867 per metric ton, its lowest since Aug. 12. Losses narrowed in the afternoon with copper dropping 0.5% at $8,998.5 per metric ton as at 1734 GMT.

More traders are taking advantage of price gaps between the LME and its Chinese peer, the Shanghai Futures Exchange (ShFE).

Quite some buy-LME-sell-ShFE activity was seen these few days, senior metals strategist Alastair Munro with Marex said.

Downside could be limited as he saw a return of physical copper buyers to LME after consecutive days of declines.

That includes consumers from South America and Europe, he said.

On the macro front, metals prices remain pressed by a strong U.S. dollar, currently at its one-year high. It makes the greenback-priced metals more expensive for other currency holders. USD/

Supporting the dollar is also a growing expectation for fewer interest rate cuts from the Federal Reserve next year as inflation remained sticky.

Keeping interest rate high will support dollar buying.

More cues on the future path of policy rates will come with remarks from Fed Chair Jerome Powell, due later in the day. EM

For other metals, zinc fell to its two-month low of $2,867.5 as steel market in China remained weak to depress the galvanising demand. It last traded 2.9% lower at $2,893.7. CMZN3, CMHCc1

LME aluminium CMAL3 fell 0.5% to $2,518.5 a ton, nickel CMNI3 dropped 0.5% to $15,645, lead CMPB3 lost 2.4% to $1,961 and tin CMSN3 fell 2.6% to $28,900.

Reporting by Julian Luk; Editing by Shreya Biswas and David Evans

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