Copper prices were under pressure due to weak manufacturing data from China and a stronger dollar.
Copper prices on July 2 on the London Metal Exchange (LME) fell 0.6% to $9,317.5 per tonne, the metal price is being traded in a narrow range of $130.
Manufacturing activity in China grew at a slower pace in June as supply chains and a spike in Covid-19 infections in the export province of Guangdong sent output growth to a 15-month low.
A rise in the dollar makes USD-denominated metals more expensive for holders of other currencies. This can reduce buying demand.
Lead stocks at London warehouses have fallen 36% to 80,250 tonnes since mid-March – stoking supply worries in the London market and quickly creating a premium for the cash metal.
Three-month London lead fell 0.3 percent to $2,266.50 a tonne.
Prices of other metals traded on the London Exchange fell mostly with prices down 0.7% to $2,506, zinc down 1.5% to $2,931, nickel down 0.6% to $18,100, but tin rose. 0.2% to $31,310.
Source: VITIC/Reuters
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