Copper wobbles on firm dollar, economic uncertainty
Updates prices
March 30 (Reuters) -Benchmark London copper recouped early losses during Asian trading hours on Thursday, with a firm U.S. dollar and economic uncertainty weighing on sentiment, but easing worries about banking stresses and falling inventories lending support.
Three-month copper on the London Metal Exchange CMCU3 was up 0.4% at $9,036 a tonne, as of 0711 GMT, after earlier falling as much as 0.7%.
Receding fears of a full-blown banking crisis have revived overall investor risk appetite this week, but the dollar's =USD advance dented the appeal of greenback-denominated metals to buyers with other currencies.
This week's rebound in metal prices have also been curbed amid the uncertain economic backdrop, analysts said.
"Inflation remains high, with central banks likely to keep tightening monetary policy. The speed of China's economic recovery has also been disappointing," ANZ commodities strategists said in a note.
Top metals consumer China's factory activity likely grew at a slower pace in March, a Reuters poll showed on Wednesday, suggesting the economic recovery is uneven in the light of weak global demand and a property slump.
"Nevertheless, there are growing expectations that the copper market will tighten as the headwinds ease. This could be exacerbated by the low level of inventories," the ANZ strategists said.
The most-traded May copper contract on the Shanghai Futures Exchange (SHFE) SCFcv1 ended daytime trade 0.4% higher at 69,660 yuan ($10,131.48) a tonne.
Copper inventories in warehouses monitored by SHFE CU-STX-SGH were down 11.6% last Friday, falling for a fourth consecutive week to 161,152 tonnes.
LME aluminium CMAL3 rose 0.3% to $2,388 a tonne, zinc CMZN3 gained 0.3% to $2,976, nickel CMNI3 dipped 0.5% to $23,630, lead CMPB3 added 0.3% to $2,145.50, while tin CMSN3 climbed 0.9% to $26,040.
In Shanghai, aluminium SAFcv1 was virtually flat at 18,695 yuan a tonne, zinc SZNcv1 added 0.6% to 22,855 yuan, nickel SNIcv1 fell 2.5% to 176,580 yuan, while tin SSNcv1 gained 0.3% to 207,230 yuan and lead SPBcv1 edged up 0.1% to 15,305 yuan.
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($1 = 6.8756 yuan)
Reporting by Enrico Dela Cruz in Manila
Editing by Uttaresh Venkateshwaran and Mark Potter
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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