London copper eases in cautions as traders await macro data

Aug 30 (Reuters) - London copper prices fell on Wednesday on caution ahead of the release of key U.S. and Chinese data, but a soft dollar and property easing measures in China limited declines.

Three-month copper on the London Metal Exchange CMCU3 dipped 0.2% to $8,432 per metric ton by 0607 GMT, while the most-traded October copper contract on the Shanghai Futures Exchange SCFcv1 rose 0.4% to 69,390 yuan ($9,518.00) a ton.

The dollar index .DXY was treading water after a sharp drop in the previous session, as weak U.S. jobs data trimmed bets on further rate hikes, and amid caution ahead of a slew of key U.S. economic data to be released later in the week.

A weaker dollar makes greenback-priced commodities more affordable to holders of other currencies.

Metals industry players also looked to manufacturing data from China, due on Thursday and Friday, to determine the outlook of metals demand and Chinese stimulus support.

The easing of mortgage rules in China's Guangzhou city cushioned the fall in metals prices.

"This is a good chance to buy the dip. Everything should go up now that the interest rate outlook has changed," said a metals trader.

Yangshan copper premium SMM-CUYP-CN touched its highest since December 2022 at $52 a ton on Tuesday, as price difference between London and Shanghai created an opportunity to ship metals to China for profit.

LME aluminium CMAL3 increased 0.3% to $2,174 a ton, zinc CMZN3 edged up 0.1% to $2,442.50, tin CMSN3 was almost unchanged at $25,385, while nickel CMNI3 fell 0.3% to $20,630 and lead CMPB3 eased 0.6% to $2,178.

SHFE aluminium SAFcv1 rose 0.8% to 18,795 yuan a ton, zinc SZNcv1 climbed 1% to 20,955 yuan, tin SSNcv1 jumped 0.9% to 213,710 yuan, while nickel SNIcv1 fell 0.4% to 165,430 yuan and lead SPBcv1 increased 0.4% to 16,280 yuan.