July 28 (Reuters) - Prices of most nonferrous metals declined on Friday, weighed down by a stronger dollar after better-than-expected U.S. economic data revived expectations for more interest rate hikes.
Three-month copper on the London Metal Exchange fell 0.3% to $8,540 per metric ton by 0233 GMT, while the most-traded September copper contract on the Shanghai Futures Exchange declined 0.6% to 68,760 yuan ($9,593.70) per metric ton.
The dollar, which shot up in the previous session, was steady after data showed the U.S. economy grew faster than expected in the second quarter, easing off recession fears but increasing the likelihood that the Fed could further hike interest rates.
A stronger dollar made greenback-priced metals more expensive to holders of other currencies.
LME aluminium dipped 0.2% to $2,201.50 per metric ton, nickel eased 0.2% to $21,645, zinc fell 0.3% to $2,447, lead edged down 0.3% at $2,152 and tin decreased 0.7% to $28,490.
SHFE aluminium shed 0.4% to 18,325 yuan per metric ton, nickel eased 0.4% to 170,400 yuan, zinc dropped 1.3% to 20,470 yuan, tin declined 2.6% to 232,160 yuan while lead edged up 0.1% at 15,940 yuan.
However, most metals are on track for a weekly gain on hopes of stimulus support into the Chinese property sector.
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DATA/EVENTS (GMT)
0530 France GDP Preliminary QQ Q2
0645 France CPI (EU Norm) Prelim YY July
0645 France Producer Prices YY June
0800 Germany GDP Flash QQ SA, YY NSA Q2
0900 EU Consumer Confid. Final July
1200 Germany CPI Prelim YY July
1200 Germany HICP Prelim YY July
1230 US Consumption, Adjusted MM June
1230 US Core PCE Price Index MM, YY June
1230 US PCE Price Index MM, YY June
1400 US U Mich Sentiment Final July
($1 = 7.1672 yuan) (Reporting by Mai Nguyen in Hanoi;Editing by Nivedita Bhattacharjee)
