Copper dips below $10,000 as consolidation continues
Updates prices
By Julian Luk
London June 4 (Reuters) -Copper prices dipped below the key mark of $10,000 a metric ton on Tuesday for the first time in three weeks as consolidation continued due to lacklustre demand in top consumer China.
Three-month copper on the London Metal Exchange CMCU3 extended losses to drop 2.1% to $9,936.5 a ton at 1618 GMT. It earlier dipped to $9,924.8, the lowest since May 8.
"The United States' manufacturing data is weaker than expected. And copper inventory in Shanghai, closely watched as a gauge of physical demand, remained high," said Carsten Menke with Julius Baer.
"Consolidation in copper could continue until we see clear evidence of a global manufacturing recovery," Menke added.
Softer U.S. economic data has boosted the case for earlier rate cuts by the Federal Reserve, helping the dollar to rebound from its lowest since mid-March.
A stronger dollar makes greenback-priced metals costlier for holders of other currencies..
Copper prices, widely used in cables and infrastructure for its conductivity, have rallied to all-time highs across exchanges in London, Chicago and Shanghai in the last two months.
Copper trading volumes in May reached a historic high, while long positions in copper contracts remained close to record levels.
But its rally has muted physical demand. LME copper inventories climbed to a six-week high of 118,950 tonnes with delivery to registered warehouses in Taiwan. MCUSTX-TOTAL
Shanghai's inventory also remained at close to 300,000 tonnes since March. CU-STX-SGH
Chinese copper inventories have not yet started their seasonal decline, suggesting that the copper market is much more sufficiently supplied than some traders had thought.
Looking ahead, China's industrial data due in mid-June will shed more light on metals demand later this year, Menke said.
For other metals, LME zinc CMZN3 touched a three-week low of $2,905. The galvanising metal last traded 0.5% lower at $2,928.5.
LME aluminium CMAL3 was down 0.2% at $2,658 a ton, nickel CMNI3 edged down 1.7% to $19,085, tin CMSN3 was down 1.3% at $31,930, while lead CMPB3 was 1.8% lower at $2,246.5.
Reporting by Julian Luk; Editing by Sonia Cheema, Ravi Prakash Kumar and Vijay Kishore
For related news and prices, click on the codes in brackets: LME price overview RING= COMEX copper futures 0#HG: All metals news MTL All commodities news C
Foreign exchange rates FX=SPEED GUIDES LME/INDEX
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