LONDON, June 24 (Reuters) - Copper steadied on Monday thanks to support from a softer dollar, but prices remain under pressure from subdued demand in top consumer China and a significant upturn in deliveries to warehouses approved by the London Metal Exchange (LME).
Benchmark copper on the LME was little changed at $9,680 a metric ton by 0953 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 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 are 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 for 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 up 0.3% at $17,280 a ton.
In other metals, aluminium slipped 0.4% to $2,503 a ton, zinc gained 0.4% to $2,855, lead was down 0.2% at $2,187 and tin advanced 0.4% to $32,815.
(Reporting by Pratima Desai Editing by David Goodman )