BEIJING — Copper prices in London slipped on Wednesday as the dollar edged up amid a darkened outlook for global economic growth, although expectations of improving demand from China limited the decline.
Three-month copper on the London Metal Exchange was down 0.2% to $8,408.5 a tonne by 0148 GMT, while the most-traded January copper contract on the Shanghai Futures Exchange added 0.1% to 65,940 yuan ($9,433.34) a tonne.
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The dollar crept higher as top executives from the biggest U.S. banks warned of an impending recession, which dampened risk appetite and sent investors to the safe-haven greenback.
A stronger dollar makes it more expensive for non-dollar holders to buy the greenback-priced commodity.
However, a relaxation in COVID-19 curbs in China raised hopes of better demand and capped losses for the metal.
Residents of China’s capital were allowed into parks, supermarkets, offices and airports without a negative COVID-19 test on Tuesday, the latest in a mix of easing steps nationwide.
London-listed Glencore cut 2023 production guidance across all the commodities it mines, missing consensus estimates and sending its shares sharply lower on Tuesday.
The miner and trader expects to produce 1.04 million tonnes of copper next year, down from 1.06 million this year and much lower than analysts’ consensus forecast of 1.124 million tonnes.
Among other metals, LME zinc dropped 0.6% at $3,137 a tonne, aluminum dipped 0.2% to $2,503 a tonne, tin edged down 1.1% at $24,545 a tonne, and lead was down 0.6% to $2,207.50 a tonne.
SHFE aluminum nudged 0.4% up at 19,290 yuan a tonne, zinc climbed 0.8% at 24,725 yuan a tonne, nickel rose 1.4% a 209,920 yuan a tonne, while lead slid 0.9% 15,810 yuan a tonne.
For the top stories in metals and other news, click or ($1 = 6.9901 yuan) (Reporting by Siyi Liu and Dominique Patton; editing by Uttaresh.V)