Base metals largely fall as demand concerns stall price rally
Aug 28 (Reuters) -Base metals prices largely fell on Wednesday, as weak economic data in major economies and concerns about demand weighed on prices, following a recent rally driven by hopes of an interest rate cut by the U.S. Federal Reserve.
Three-month copper on the London Metal Exchange (LME) CMCU3 fell 0.8% to $9,375.50 per metric ton by 0350 GMT. The contract hit a near six-week high in the previous session and was on track for a third straight weekly gain.
The most-traded October copper contract on the Shanghai Futures Exchange (SHFE) SCFcv1 advanced 0.1% to 75,020 yuan ($10,522.18) a ton at the midday break. It hit 75,580 yuan, the highest since July 23, earlier in the session, tracking overnight gain in London.
"Metals have been rising largely with help of a weak dollar, exiting bears and CTA buying. The rise has ignored soft economic data from most parts of the world," said Sandeep Daga, a director at Metal Intelligence Centre, referring to Commodity Trade Advisor (CTA) investment funds largely driven by computer programs.
A weak dollar, pressured by expectation of a U.S. interest rate cut in September, makes greenback-priced metals cheaper to holders of other currencies.
Though physical copper demand has improved slightly in China for copper, demand concerns lingered amid weak factory output and low confidence in the country's struggling property sector.
"While all metals are overheated after a one-way rally, many metals have reached their key technical resistance on charts. This might cool metals in the coming weeks. Going ahead, Chinese PMI (Purchasing Managers' Index) and U.S. job report will show the way," Daga added.
LME aluminium CMAL3 fell 0.7% to $2,533 a ton, nickel CMNI3 declined 0.7% to $17,015, zinc CMZN3 decreased 0.7% to $2,923.50, lead CMPB3 eased 0.3% to $2,118 and tin CMSN3 dropped 0.9% to $32,940.
SHFE aluminium SAFcv1 rose 0.6% to 20,010 yuan a ton, zinc SZNcv1 climbed 0.6% to 24,170 yuan, tin SSNcv1 jumped 1.1% to 268,450 yuan, while nickel SNIcv1 fell 0.2% to 131,730 yuan and lead SPBcv1 eased 0.2% to 17,650 yuan.
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Reporting by Mai Nguyen in Hanoi; Editing by Rashmi Aich
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