LONDON, June 24 (Reuters) - Copper eased on Monday, pressured by subdued demand in top consumer China and a significant upturn in deliveries to warehouses approved by the London Metal Exchange (LME) while some support was provided by a softer dollar.
Benchmark copper on the LME was down 0.2% at $9,657 a metric ton at 1609 GMT. It has dropped 13% since hitting its May 20 record high above $11,100 on signs of demand weakness in China and elsewhere.
"Funds are trading base (metals) against the yo-yoing dollar," one metals trader said, adding that a meaningful upturn in copper prices would need signs of much stronger China consumption.
Copper inventories
Stocks of copper
Lack of concern about supplies on the LME market is behind
the record discount for cash copper against the three-month
contract
Also worrying for industrial metals is growing protectionism, such as the European Union's plans to impose tariffs on electric vehicles made in China.
"Given the importance of exports to China's economy, there are growing concerns around trade barriers and the threat they present to those exports in the future," Marex said in a note.
Elsewhere, nickel fell to $17,100 a ton, its lowest
since early April on LME stocks
However, Macquarie's Jim Lennon now expects a smaller surplus of 117,000 tons this year for reasons including stronger demand from stainless steel mills.
Nickel was flat at $17,224 a ton.
In other metals, aluminium slipped 0.4% to $2,505 a ton, zinc gained 0.1% to $2,846, lead was down 0.6% at $2,177 and tin advanced 0.2% to $32,740.
(Reporting by Pratima Desai Editing by David Goodman and Tomasz Janowski)