Copper prices slip as tepid demand, economic woes linger
BEIJING, June 2 (Reuters) -London copper prices slipped on Friday, as demand concerns and a gloomy global economic outlook offset optimism from the U.S. debt ceiling deal and a weaker dollar.
Three-month copper on the London Metal Exchange CMCU3 was down 0.4% at $8,212.50 a tonne by 0139 GMT, reversing gains from the previous session. The contract was poised to close the week flat.
Global copper prices are set to fall to $7,000 per tonne in the second half of this year, Chinese research firm Antaike predicted, as heightened risks of recession and a lack of solid demand growth in top consumer China weighed.
The contract also faced a downside due to rising domestic supply on the back of ample raw material.
Copper treatment and refining charges (TC/RCs) AM-CN-CUCONC have been at a four-year high at $87.50 since last Thursday.
Miners pay TC/RCs to smelters to process copper concentrate into refined metal, offsetting the cost of the ore. The charges rise when more concentrate is available.
Among other metals, LME aluminium CMAL3 slid 0.2% at $2,277.50 a tonne, tin CMSN3 dipped 0.5% to $25,300, nickel CMNI3 eased 0.1% to $21,300, while zinc CMZN3 moved 0.5% up to $2,277.50 and lead CMPB3 climbed 0.3% to $2,004.50.
The dollar was flat following a slump on Thursday after the U.S. manufacturing data and comments by the Fed officials raised prospects that the U.S. central bank will likely skip an interest rate hike at its upcoming meeting.
A weaker dollar makes the greenback-priced commodity more attractive for buyers.
The most-traded July copper contract on the Shanghai Futures Exchange SCFcv1 was up 0.7% at 65,740 yuan ($9,510.86) a tonne.
SHFE aluminium SAFcv1 gained 1.2% to 18,375 yuan a tonne, zinc SZNcv1 ticked up 0.5% to 19,180 yuan, nickel SNIcv1 jumped 3.3% to 161,980 yuan, tin SSNcv1 added 1.2% at 209,360 yuan, while lead SPBcv1 shed 0.6% to 15,045 yuan.
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Reporting by Siyi Liu and Dominique Patton; Editing by Sherry Jacob-Phillips
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