METALS-Base metals largely gain on rate cut hopes

June 4 (Reuters) - Prices of nonferrous metals mostly rose on Tuesday, supported by a softer dollar and prospects of rate cuts by the U.S. Federal Reserve. Three-month copper on the London Metal Exchange CMCU3 rose 0.7% to $10,210.50 per metric ton by 0221 GMT, while the most-traded July copper contract on the Shanghai Futures Exchange SCFcv1 advanced 0.8% to 82,350 yuan ($11,365.52) a ton. The dollar languished at its lowest since April against the euro and sterling on Tuesday as signs of a softening U.S. economy boosted the case for earlier Federal Reserve interest rate cuts. A weaker dollar makes greenback-priced metals cheaper to holders of other currencies. Rate cuts usually help with economic activities and metals' physical consumption. Bullish bets on copper's usage in the world transition into a greener economy as well as its shortage have fuelled prices to record highs last month, but the rally in futures prices has paused as physical demand has been dampened. The usual premium to import copper into top consumer China remained at discount, reflecting weak demand. The net long positioning of COMEX copper climbed to the highest since February 2021 on May 21, but it has trimmed slightly by May 28, the latest exchange data showed. LME aluminium CMAL3 increased 0.7% to $2,680 a ton, nickel CMNI3 advanced 0.5% to $19,515, zinc CMZN3 climbed 1% to $2,972, lead CMPB3 was up 0.4% at $2,296, and tin CMSN3 edged up 0.6% at $32,550. SHFE aluminium SAFcv1 increased 0.4% to 21,370 yuan a ton, zinc SZNcv1 edged up 0.1% at 24,475 yuan, lead SPBcv1 climbed 1.5% to 19,070 yuan, while nickel SNIcv1 dropped 1.7% to 146,930 yuan, and tin SSNcv1 shed 1.3% to 268,090 yuan. For the top stories in metals and other news, click TOP/MTL or MET/L DATA/EVENTS (GMT) 0755 Germany Unemployment Chg, Rate SA May 0830 UK Reserve Assets Total May 1400 US Factory Orders MM April ($1 = 7.2456 yuan) (Reporting by Mai Nguyen in Hanoi; Editing by Janane Venkatraman ) (([email protected]; Reuters Messaging: [email protected])) (( For related news and prices, click on the codes in brackets: LME price overview RING= COMEX copper futures 0#HG: All metals news MTL All commodities news C Foreign exchange rates FX= SPEED GUIDES LME/INDEX ))