LONDON, Feb 12 (Reuters) - Copper prices dipped on Friday as Chinese buyers who had helped to fuel a scorching rally were absent during their Lunar New Year holiday and wider financial markets awaited further U.S. stimulus.
Benchmark copper CMCU3 slipped 0.4% to $8,251 a tonne in official trading after touching an eight-year peak on Thursday, having surged nearly 90% since March last year.
"There was some last-minute restocking by the Chinese ahead of their holiday, so when they come back they'll be able to gear up pretty quickly," said independent consultant Robin Bhar.
In China, the world's biggest metals consumer, the Shanghai Futures Exchange is closed for the Lunar New Year and will reopen on Feb. 18.
A cocktail of supply constraints, inflation fears and rising demand for a low-carbon economy will continue to keep copper buoyant, Bhar added.
"Any dips you will want to buy. It does seem to be the start of something, whether it's a supercycle or an extended period of elevated prices," he said
Global shares dipped as investors looked for more U.S. stimulus spending and weighed some tepid economic data against increasing COVID-19 vaccinations. MKTS/GLOB
* Zinc CMZN3, used in galvanising steel, rose as high as $2,824.50 a tonne on the LME - its loftiest since Jan. 8 - as it rode the tailwind of strong steel prices before paring gains to $2,807, up 0.6%.
* A shortage of tin pushed up the premium of the LME cash price over the three-month contract CMSN0-3 to an intraday record of $3,000 a tonne on Wednesday and last traded at $1,700 on Friday. That compares with a premium of $420 two weeks ago.
"We forecast the market to remain tight throughout the first quarter. Many traders and producers have sold out of metal for the period," International Tin Association market analyst James Willoughby said in a report.
* LME aluminium CMAL3 rose 0.1% in official activity to $2,081 a tonne, nickel CMNI3 fell 1.2% to $18,404, lead CMPB3 gained 1% to $2,123 and tin CMSN3 was up 0.6% at $23,443.
