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Base metals drift lower as dollar firms

A lot of base metals eased on Monday, as the U.S. dollar firmed on U.S. tariff concerns after President Donald Trump's Colombian danger, while financiers looked forward to the Federal Reserve policy meeting for hints on the interest rate trajectory.

Three-month copper on the London Metal Exchange ( LME) fell 0.7% to $9,214 a metric lot by 0156 GMT, after scaling its highest since Nov. 12 on Friday. The most-active copper contract on the SHFE reduced 0.3% to 75,240 yuan ($ 10,360.07) a ton.

The dollar index was up 0.2%, makes it more expensive for holders of other currencies to purchase greenback-priced commodities.

Last week, tariff issues had reduced somewhat after Trump stated a trade deal with China was possible. However, those worries resurfaced after Trump stated on Sunday he would impose sweeping steps on Colombia, consisting of tariffs and sanctions.

The Fed will likely hold interest rates constant when it concludes its two-day conference on Wednesday, and resume cutting in June, according to the CME Group's FedWatch Tool.

LME aluminium alleviated 0.5% to $2,628.5 and SHFE aluminium was down 0.3% to 20,215 yuan a lot.

In other places, the premium for aluminium shipments to Japanese buyers for January to March was set at $228 a metric lot, the highest in about ten years, driven by supply worries in the middle of stronger overseas premiums, 5 sources stated.

LME tin lost 0.3% to $30,060, nickel fell 0.5% to $15,595, lead was steady at $1,938.5 and zinc fell 0.2% to $2,821.5.

SHFE zinc slid 1.2% to 23,530 yuan, lead lost 0.5% to 16,690 yuan, while tin acquired 0.4% to 247,910 yuan and nickel increased 0.2% to 124,230 yuan.

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(source: Reuters)