BEIJING: Copper prices opened lower on Monday, weighed down by growing concerns about the Middle East conflict and rising stocks of the metal.
Three-month copper on the London Metal Exchange (LME) was down 0.4% to $7,918 per metric ton by 0152 GMT, while the most-traded December copper contract on the Shanghai Futures Exchange slid 0.8% to 65,840 yuan ($9,000.93) per ton.
Fears that the Israel-Hamas war could mushroom into a wider Middle East conflict rose on Sunday with Washington warning of a significant risk to US interests in the region as ally Israel pounded Gaza and clashes on its border with Lebanon intensified.
Copper treads lower as strong US dollar weighs
Stocks on the LME have been increasing since mid-July and they ended last week at a two-year peak. Copper stocks on the SHFE rose for a second consecutive week on Friday.
LME aluminium dipped 0.2% to $2,176.50 a ton, tin was little changed at $24,995, zinc slid 0.7% to $2,420, lead nudged down 0.3% to $2,093.50, and nickel gained 0.1% to $18,600.
SHFE aluminium fell 0.4% to 18,910 yuan a ton, zinc slid 0.4% to 18,900 yuan, lead added 0.5% at 16,580 yuan, nickel was listless at 149,050 yuan, while tin slipped 1.1% to 214,220 yuan.
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