Copper drops on higher dollar and tin hits record

Reuters reported that copper slipped falling further from this week's record high as a higher dollar and concerns about Chinese demand dented sentiment while tin also fell from a peak hit earlier as supply concerns lingered.
Copper for 3 months delivery on the London Metal Exchange traded at USD 9,850.25 per tonne at 1009 GMT from a close of USD 9,951.
Worries about the demand outlook in China lingered after the world's top copper consumer on Tuesday raised interest rates to mop up cash from its fast growing economy in order to rein in inflation.
Mr Stephen Briggs analyst of BNP Paribas said that there's more and more evidence that the trend of interest rates is up. But analysts stayed broadly confident that Chinese demand for the metal used in power and construction would hold strong. China will continue to be a big net importer of copper this year. Demand for all base metals will continue to grow.
Copper struck a record high of USD 10,160 per tonne on the back of concerns about supply as well as improving economic data that bode well for demand. Tin which earlier struck a record high of USD 31,800 per tonne traded at USD 31,400 from USD 31,500 at Thursday’s close?
Mr Daniel Briesemann an analyst at Commerzbank said that if you take a view for the next few months, sentiment is still very positive. The major driver is supply constraints.

(Source: http://www.steelguru.com/metals_news/Copper_drops_on_higher_dollar_and_tin_hits_record/190750.html)