Sept 8 (Reuters) - Copper prices were on track for their biggest weekly drop in four weeks, after a firmer dollar and rising inventories pressured prices.
Three-month copper on the London Metal Exchange was down 0.5% at $8,283.50 per metric ton by 0304 GMT. On a weekly basis, the contract declined 2.6%, the worst weekly performance since Aug. 11.
The most-traded October copper contract on the Shanghai Futures Exchange fell 0.5% to 68,800 yuan ($9,369.47) a ton. The contract was also set for a weekly decline.
The dollar was headed for its longest weekly winning streak in nine years, making greenback-priced metals more expensive to holders of other currencies.
Copper inventories in LME-registered warehouses
Weak Chinese economic data and property woes continued to dampen risk sentiment, though expectations of further policy support cushioned the fall in metal prices.
LME aluminium shed 0.6% to $2,182 a ton, nickel dropped 1.1% to $20,255, zinc fell 1% to $2,454, lead was down 0.9% at $2,210.50 and tin decreased 0.7% to $25,895.
Tin was the only contract across the base metals on the LME rising on a weekly basis and on track for its third straight weekly increase, partly helped by supply worries from Myanmar.
SHFE aluminium fell 0.6% to 19,045 yuan a ton, nickel dropped 1.7% to 166,150 yuan, zinc eased 0.2% to 21,310 yuan, tin shed 1.3% to 219,160 yuan while lead rose 0.3% to 16,975 yuan.
SHFE lead is set for its fourth straight weekly increase, contrasting LME lead that is down 1.6% week-on-week, the biggest weekly fall since July 7.
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DATA/EVENTS (GMT)
0600 Germany HICP Final YY Aug
1600 Federal Reserve issues quarterly
financial accounts of the United States
($1 = 7.3430 yuan) (Reporting by Mai Nguyen in Hanoi; Editing by Sonia Cheema)
