London copper prices slipped on Thursday, pressured by worries of slowing recovery in the United States after the Federal Reserve signaled it would taper its stimulus program sooner than expected.
Three-month copper on the London Metal Exchange fell 0.1% to $9,274 a tonne by 0746 GMT, while the most-traded October contract on the Shanghai Futures Exchange closed almost flat at 68,660 yuan ($10,614.35) a tonne.
The Fed said on Wednesday it would likely begin reducing its monthly bond purchases as soon as November and signaled interest rate increases may follow more quickly than expected.
Copper is often used as a gauge of global economic health.
“Taper is getting closer and September (US) employment data has become the focus of attention,” said Huatai Futures in a report, expecting copper to move in a wide fluctuation, with downside risk.
* LME lead rose 0.4% to $2,122 a tonne and ShFE tin hit a record 278,500 yuan a tonne on supply worry.
* ShFE aluminum advanced 2.6% to 23,500 yuan a tonne on supply fears after the government in China’s major producing province of Yunnan said it would cancel preferential electricity price policies for aluminum smelters.
* Yangshan copper premium
* The cash premium of LME lead over its three-month contract
* LME cash tin was traded at a premium of $1,334 a tonne against its three-month contract
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($1 = 6.4686 yuan) (Reporting by Mai Nguyen in Hanoi; Additional reporting by Tom Daly; Editing by Ramakrishnan M. and Rashmi Aich)