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METALS-Slowdown concerns, firm U.S. dollar dent London copper prices

    (Adds comments, details and updates prices)
    By Brijesh Patel
    June 28 (Reuters) - London copper prices slipped 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.
    Three-month copper on the London Metal Exchange         was
down 0.5% at $8,378 a tonne, as of 0441 GMT, while the
most-traded August copper contract in Shanghai          rose
0.7% to 63,900 yuan ($9,541.87) a tonne by the midday break.
    "Copper is in wait-and-watch mode after a recent fall due to
COVID-19 resurgence in China and central banks around the world
rising rates, inducing fear of recession," said Jigar Trivedi, a
commodities analyst at Mumbai-based broker Anand Rathi Shares.
    "A rebound in prices is possible, but the sustainability is
challenging. The $8,000 per tonne level looks to be a good
support with LME inventories at multi year low." 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
    The dollar index        held firm against its rivals, making
greenback-denominated metals more expensive for other currency

    COPPER: 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.
    COVID-19: Mainland China reported 100 new coronavirus cases
for June 27, compared with 106 new cases a day earlier, the
National Health Commission said.
    SUPPORT: China will roll out tools in its policy reserve in
a timely way to cope with economic challenges, as COVID-19
outbreaks and risks from the Ukraine crisis pose a threat to
    PRICES: LME aluminium         eased 0.3% to $2,488.50 a
tonne, zinc         gained 1% to $3,350.50, lead         edged
0.1% at $2,002, and tin         fell 1.8% to $26,500.
    Shanghai aluminium          gained 1.1%, zinc          rose
1.9%, nickel          climbed 1.5%, lead          gained 1.1%
and tin          jumped 4.7%.

    ($1 = 6.6968 Chinese yuan)

 (Reporting by Brijesh Patel in Bengaluru; Editing by Subhranshu
Sahu and Sherry Jacob-Phillips)

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