METALS-Copper prices fall as firm dollar, high inventory weigh

(Updates prices, recasts) By Mai Nguyen June 21 (Reuters) - Copper futures eased on Friday on a firmer dollar and high inventory level, but the losses were capped by some demand rebound after prices fell in recent sessions. Three-month copper on the London Metal Exchange CMCU3 was down 1.3% at $9,733.50 per metric ton, as of 0750 GMT. The most-traded July copper contract on the Shanghai Futures Exchange SCFcv1 closed down 0.5% at 79,120 yuan ($10,896.42) a ton. The U.S. dollar pushed to a fresh eight-week top above 159 yen and clung close to a five-week peak to sterling, with the Federal Reserve's patient approach to cutting interest rates contrasting with more dovish stances elsewhere. "Base metals prices ... continued to face pressure as the Fed remained on hold in June for a seventh straight meeting... A later Fed cut could limit the upside for base metal prices across the board in 2024," BMI analysts said in a note. A firmer dollar makes greenback-priced metals more expensive to holders of other currencies. SHFE copper stocks surged about 10 times since the start of the year to 330,735 tons on June 14, reflecting the abundant supply in top consumer China. CU-STX-SGH Earlier in the week, LME copper hit $9,551 a ton, the lowest in two months, as persistently high stockpiles raised worries that demand for the metal was weak. The drop in copper prices, however, encouraged more physical purchases this week, and in turn, provided support around $9,500-$9,600 a ton, brokers said. LME aluminium CMAL3 eased 0.5% to $2,508.50 a ton, nickel CMNI3 fell 1.4% to $17,185, zinc CMZN3 declined 0.7% to $2,854.50, lead CMPB3 shed 1% to $2,193.50, and tin CMSN3 dropped 0.9% to $32,805. SHFE aluminium SAFcv1 eased 0.4% to 20,470 yuan a ton, nickel SNIcv1 dipped 1.2% to 133,510 yuan, lead SPBcv1 dropped 1.6% to 18,735 yuan, zinc SZNcv1 edged down 0.1% at 23,780 yuan and tin SSNcv1 fell 0.1% to 271,030 yuan. For the top stories in metals and other news, click TOP/MTL or MET/L ($1 = 7.2611 yuan) (Reporting by Mai Nguyen in Hanoi; Editing by Sherry Jacob-Phillips and Eileen Soreng) (([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 ))