Copper dipped on Wednesday on persistent concerns over global economic growth and demand from top consumer China, although the fall was cushioned by a softer dollar as investors wound back their expectations for US interest rate rises.
Other industrial metals were mixed as traders weighed a weaker dollar, which is favourable for commodities priced in the currency, against Fed chair Janet Yellen's assessment of uncertain global growth prospects.
Yellen said the US Federal Reserve should proceed cautiously as it looks to raise rates, pointing to threats to the world's biggest economy such as low oil prices and concerns over China's economy.
Three-month copper on the London Metal Exchange ended down 0.4 percent at $4,872.50 a tonne in official trade, recovering from a session low $4,850 - its cheapest since March 11. It hit an earlier high of $4,930.
Trading was volatile as investors squared positions ahead of the end of the quarter, analysts said.
The metal used in power and construction has risen around 12 percent so far this quarter, lifted by growing optimism regarding the housing market in China.
"We've had a good rally in the first quarter, but data on physical premia coming from China are pretty subdued," said Robin Bhar, head of metals research at Societe Generale.
"This raises the question, is it related to physical demand or is it purely financial? Total stocks, taking the LME, ShFE and COMEX together, are still at record levels."
Copper found limited support from declining physical stocks in London Metal Exchange warehouses. Copper in the warehouses stood at 145,275 tonnes, down about 38 percent so far this year, though much of the inventory has just moved to warehouses monitored by the Shanghai Futures Exchange.
China's bonded copper stocks have risen 100,000 tonnes in March to 500,000, while Shanghai stocks doubled year-to-date to just under 400,000 tonnes earlier in March before falling last week.
Investors will get a clearer picture on China's economy from Friday's purchasing managers' indices.
Zinc was the best performing metal, closing 0.9 percent higher at $1,797.50 a tonne.
"We are expecting prices, on the back of successive refined deficits, to reach fresh record highs within the next 24 months," Standard Bank analyst Leon Westgate said in a note.
Three-month aluminium rose 0.5 percent to $1,496 a tonne in official trade. Lead slid 0.3 percent to $1,735 a tonne, having earlier hit $1,736 - its lowest in a month.
Nickel declined 0.2 percent to $8,430 a tonne, and tin added 0.4 percent to $16,875 a tonne.
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