June 20 (Reuters) - Most base metals fell on Tuesday, as a stronger U.S. dollar and lack of highly-anticipated Chinese stimulus weighed on investor sentiment, although a modest cut in Chinese lending rates lent some support to prices.
China lowered two benchmark lending interest rates as was expected to shore up its slowing recovery, but the cuts were modest and markets are still eyeing broader stimulus measures after a slew of weak economic data.
The U.S. dollar rose broadly while the yuan slipped after China cut its key lending benchmarks, making the greenback-priced metals more expensive to holders of other currencies, especially those in China, a traditional importer of metals.
Three-month copper on the London Metal Exchange fell 0.6% to $8,488.50 per metric tonne by 0521 GMT, while the most-traded July copper contract on the Shanghai Futures Exchange was flat at 68,500 yuan ($9,547.57) per metric tonne.
"The market is getting a bit impatient with the China stimulus story. While the message from policymakers has been clear, it will take time before it is fully implemented into the economy," broker Sucden Financial said in a note.
"We expect to see fewer policy statements in the coming weeks and instead increased participation from provincial officials refining the stimulus measures announced last week."
LME aluminium eased 0.1% to $2,239.50 per metric tonne, nickel fell 0.9% to $22,295, zinc shed 0.8% to $2,417, lead eased 0.3% to $2,127, while tin edged up 0.3% at $26,975.
SHFE nickel declined 0.9% to 168,670 yuan per metric tonne, zinc lost 0.5% at 20,315 yuan, while aluminium rose 0.4% to 18,545 yuan, lead advanced 0.3% to 15,520 yuan and tin increased 0.8% to 218,110 yuan.
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($1 = 7.1746 yuan) (Reporting by Mai Nguyen in Hanoi; Editing by Sonia Cheema and Subhranshu Sahu)
