Copper pressured after weak Chinese imports data

Copper prices declined on Wednesday as the dollar gained ground after Chinese data that showed weak copper imports last month.

The data showed Chinese copper imports fell for the third straight month in March by 8.8%. 

China purchased 504.009 thousand tones of copper last month, down from 552 thousand tones in March 2021.

The dollar index rose 0.1% as of 14:16 GMT to 100.4, with an intraday high at 100.5, and a low at 100.2.

Copper

Copper futures due in May fell 0.3% to $4.69 a pound as of 14:08 GMT.

When it comes to aluminum, data showed China exported nearly 594 thousand tones last month.

Aluminum three-month futures rose 0.6% today to $3,267 a tone.