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METALS-London copper prices slip on slowdown worries, firm dollar

       June 28 (Reuters) - London copper prices fell on Tuesday on
a firm U.S. dollar and lingering concerns that rapid interest
rate hikes would lead to a global economic slowdown, hitting
demand for metals.

    FUNDAMENTALS
    * Three-month copper on the London Metal Exchange
was down 0.6% at $8,368.50 a tonne, as of 0236 GMT.
    * The most-traded August copper contract in Shanghai
         rose 0.7% to 63,890 yuan ($9,539.52) a tonne.
    * Expectations of rapid interest rate hikes by major central
banks, including the U.S. Federal Reserve, to combat soaring
inflation have battered equities and commodities in recent
weeks.
    * The dollar index        held firm against its rivals,
making greenback-denominated metals more expensive for other
currency holders.
    * New orders for U.S.-made capital goods and shipments
increased solidly in May, pointing to sustained strength in
business spending on equipment in the second quarter, but rising
interest rates and tighter financial conditions could slow
momentum.
    * Chilean state-owned Codelco, the world's largest copper
producer, will adjust its strategy to produce more sustainable
copper and meet the Andean country's growing environmental
demands.
    * Mainland China reported 100 new coronavirus cases for June
27, compared with 106 new cases a day earlier, the National
Health Commission said.
    * Beijing on Saturday said it would allow primary and
secondary schools to resume in-person classes and Shanghai's top
party boss declared victory over COVID-19 after the city
reported zero new local cases for the first time in two months.

    * China's monetary policy will continue to be accommodative
to support economic recovery, People's Bank of China Governor Yi
Gang was quoted by state media as saying.

    MARKETS NEWS
    * Asian shares edge down in early trade with investors
taking their cue from a volatile Wall Street session overnight,
while oil prices climbed following last week's rout.

    DATA/EVENTS (GMT)
    1400 US Consumer Confidence June

    PRICES
    Three month LME copper
    Most active ShFE copper
    Three month LME aluminium
    Most active ShFE aluminium
    Three month LME zinc
    Most active ShFE zinc
    Three month LME lead
    Most active ShFE lead
    Three month LME nickel
    Most active ShFE nickel
    Three month LME tin
    Most active ShFE tin

($1 = 6.6974 Chinese yuan)

 (Reporting by Brijesh Patel in Bengaluru; Editing by Subhranshu
Sahu)



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