March 22 (Reuters) - Base metals prices mostly fell on Friday and were on track for a weekly decline as a stronger dollar made greenback-priced metals more expensive to holders of other currencies.
Three-month copper on the London Metal Exchange (LME) declined 0.9% to $8,869 per metric ton by 0539 GMT, while the most-traded May copper contract on the Shanghai Futures Exchange (SHFE) fell 0.8% to 72,720 yuan ($10,064.22) a ton.
The U.S. dollar was set for a second week of broad gains, after the Federal Reserve said it would not start cutting interest rates until it is more confident inflation is falling sustainably, while expectations of rate cuts are priced in for this year.
LME aluminium shed 0.7% to $2,285.50 a ton, nickel dropped 1.4% to $17,300, zinc declined 0.8% to $2,504.50, tin lost 1.7% to $27,400, while lead edged up 0.1% to $2,052.
SHFE aluminium eased 0.1% to 19,370 yuan a ton, nickel dropped 1.6% to 134,750 yuan, zinc fell 0.5% to 21,210 yuan, tin decreased 0.3% to 225,600 yuan, while lead edged up 0.1% to 16,220 yuan.
On a weekly basis, nickel and tin are the worst performers across all base metals on the LME, as supply disruption eased in major producer Indonesia where minerals exports and production resumed as more quotas were approved after months of delays.
LME nickel fell 4.2% so far this week, the worst since Nov. 24, and LME has lost 4.4% week-on-week, set for the steepest weekly decline since Sept. 29 last year.
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DATA/EVENTS (GMT)
0700 UK Retail Sales MM, YY, Ex-Fuel MM Feb
0900 Germany Ifo Business Climate New March
0900 Germany Ifo Current Conditions New March
0900 Germany Ifo Expectations New March
1030 Russia Central Bank Key Rate March ($1 = 7.2256 Chinese yuan renminbi) (Reporting by Mai Nguyen in Hanoi; Editing by Shounak Dasgupta)
