London metals inch up on dollar weakness, Middle East tensions cap gains
SINGAPORE, June 18 (Reuters) - London base metal prices inched up on Wednesday on a softer U.S. dollar, although tensions in the Middle East dampened global risk appetite and kept a lid on prices.
Three-month copper on the London Metal Exchange was up 0.22% at $9,690.5 per metric ton by 0326 GMT.
LME aluminium gained 0.18% to $2,555 a ton, zinc ticked up 0.49 to $2,651.5, lead strengthened 0.23% to $1,980.5 and nickel inched 0.27% higher to $14,965. Tin climbed 0.73% to $32,500.
The dollar index was last a touch weaker, losing 0.13%.
A weaker dollar makes dollar-denominated assets more affordable to holders of other currencies.
"Base metals remained under pressure amid a broader risk off tone across markets," said ANZ analysts.
Concerns over escalating hostilities in the Middle East stayed front and centre in markets on Wednesday, sending oil prices higher. Higher oil prices dampen economic growth and stoke inflationary pressures.
Meanwhile, recent data showed the U.S. economy was slowing amid President Donald Trump's shifting tariff policies, with retail sales falling more than expected in May.
The SHFE most-traded copper contract gained 0.14% to 78,640 yuan ($10,943.50) per metric ton.
SHFE aluminium was up 1.45% at 20,700 yuan a ton, lead slipped 0.62% to 16,820 yuan, nickel fell 0.49% to 118,400 yuan, while zinc gained 0.87% to 22,065 yuan and tin inched up 0.08% to 264,480 yuan.
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($1 = 7.1860 yuan) (Reporting by Michele Pek; Editing by Sonia Cheema)
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