BEIJING: Prices of London copper dropped on Monday as the dollar firmed, while investors awaited economic data from top metals consumer China for more clues on global demand.
Three-month copper on the London Metal Exchange was down 0.3% at $9,851.50 per metric ton, as of 0141 GMT, after a weekly decline due to high inventories and weak demand in China.
The most-traded August copper contract on the Shanghai Futures Exchange gained 0.8% to 79,870 yuan ($10,997.14) a ton.
US bond futures slipped and the dollar firmed on Monday as investors wagered the attack on US presidential candidate Donald Trump made his victory more likely, while injecting a whole new level of political uncertainty into markets.
A firmer dollar makes the greenback-priced commodity less attractive for buyers using other currencies.
A busy week for data kicks off with Chinese gross domestic product (GDP) on Monday where annual growth is seen slowing slightly to 5.1% in the second quarter.
Retail sales and industrial output for June are also due, while China’s gathering of top officials runs from July 15-18.
Copper slips as rising stocks highlight poor demand prospects
LME aluminium shed 0.1% at $2,479 a ton, nickel added 0.2% at $16,895, zinc dipped 0.1% to $2,941, tin declined 0.6% to $33,500, and lead nudged 0.1% lower to $2,208.
SHFE aluminium was flat at 20,060 yuan a ton, lead climbed 0.6% at 19,650 yuan, nickel advanced 0.8% to 134,760 yuan.
Zinc was unchanged at 24,305 yuan, and tin fell 1.2% to 274,800 yuan.
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