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HANOI, Aug 12 (Reuters) – Most London base metal prices eased on Friday, taking a breather from strong rallies in the previous session on easing worries over demand.
Three-month copper on the London Metal Exchange CMCU3 eased 0.2% to $8,160 a tonne as of 0206 GMT, hovering around a six-week high.
U.S. inflation data released earlier this week was weaker than expected and raised hopes of less aggressive rate hikes in the world’s biggest economy, leaving room for more growth and metals demand.
LME tin MSN3 climbed 0.5% to $25,500 a tonne, lead CMPB3 nudged up 0.2% to $2,203 a tonne, while zinc CMZN3 slid 1.2% to $3,643.50 a tonne.
Meanwhile, Shanghai copper and nickel prices jumped, partly due to depleting exchange inventories.
The most-traded September nickel contract on the Shanghai Futures Exchange SNIc1 rose 4.1% to 185,020 yuan ($27,431.10) a tonne.
ShFE copper SCFcv1 gained 0.9% to 62,680 yuan a tonne, zinc SZNcv1 steadied at 25,165 yuan a tonne, aluminium SAFcv1 dipped 0.4% to 18,665 yuan a tonne.
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($1 = 6.7449 yuan)
(Reporting by Mai Nguyen; Editing by Sriraj Kalluvila)
((Siyi.Liu@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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