LONDON: Copper prices fell on Monday as signs of weakening demand outweighed the positive mood on wider markets after reports that US President Donald Trump may soon be released from hospital, where he is being treated for Covid-19.
Benchmark three-month copper on the London Metal Exchange (LME) was down 0.5% at $6,521 a tonne at 1600 GMT after tumbling to a seven-week low of $6,269 on Friday.
Copper reached $6,877.50 a tonne on Sept. 21, the highest since June 2018, after an impressive six-month rally.
Chinese markets are closed until Friday for a public holiday.
Chinese Yangshan copper import premiums have fallen to around $50 a tonne, the lowest since May 2019.
Chilean copper output fell 6.2% year-on-year in August to 481,700 tonnes.
Speculative investors remain bullish with a net long position equal to 6.1% of open LME contracts as of Thursday, brokers Marex Spectron said. Speculators also hold a large net long in copper contracts on the Comex exchange.
LME aluminium was 0.6% higher at $1,778.50 a tonne, zinc fell 0.1% to $2,325.50, nickel rose 1.4% to $14,620, lead lost 0.8% to $1,757.50 and tin was up 1.4% at $18,055.
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