METALS-Copper retreats from peak on firm dollar, demand concerns

Oct 30 (Reuters) - Copper prices pulled back from record levels on Thursday, as the U.S. dollar consolidated around two-week highs after the Federal Reserve cut interest rates, and concerns around red-metal demand began to emerge.

The most-traded copper contract on the Shanghai Futures Exchange SCFcv1 edged 0.1% lower to 87,960 yuan ($12,348.73) a ton.

Three-month copper on the London Metal Exchange CMCU3 was down 1.19% at $11,050 per metric ton, as of 0728 GMT, after hitting a record high of $11,200 on Wednesday on supply concerns.

Despite the sizable decline in global refined production, Goldman Sachs has kept its copper forecast at $10,500 a ton, citing scepticism that the anticipated fundamental tightness in the market will materialise within the next six months.

Still, analysts from ING believe that the outlook for copper is starting to look brighter with balances tightening for both 2025 and 2026 amid supply challenges and rising trade optimism.

Major miners, including Glencore GLEN.L and Anglo American AAL.L, reported lower copper output in the first nine months of the year, with a series of disruptions leading to analysts hiking their price forecasts for next year according to a Reuters poll.

The dollar index =USD, which measures the greenback's strength against a basket of six currencies, edged back from a two-week high, down 0.2% at 98.98.

A softer dollar makes greenback-denominated assets more affordable to holders of other currencies. FRX/

Among other London metals, aluminium CMAL3 lost 0.66% to $2,868 a ton, nickel CMNI3 eased 0.46% to $15,295, lead CMPB3 edged down 0.05% to $2,025.5, tin CMSN3 fell 0.87% to $35,870, and zinc CMZN3 was down 0.49% at $3,067.5.

SHFE aluminium SAFcv1 lost 0.05% to 21,245 yuan, nickel SNIcv1 eased 0.03% to 120,980 yuan, lead SPBcv1 declined 0.06% to 17,350 yuan, tin SSNcv1 fell 0.93% to 283,600 yuan, and zinc SZNcv1 dipped 0.13% to 22,365 yuan.

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