July 19 (Reuters) – Copper prices fell on Monday as the dollar hovered near its highest levels in months, making greenback-priced metals more expensive and less appealing to holders of other currencies.
Daily new coronavirus infections have been surging from the United States and Europe to Asia due to the spread of the Delta variant, making investors nervous about the global economic recovery and sending money into safety.
Three-month copper on the London Metal Exchange fell 0.5% to $9,380 a tonne by 0237 GMT, while the most-traded August copper contract on the Shanghai Futures Exchange declined 0.6% to 68,770 yuan a tonne.
* LME nickel rose 0.3% to $19,120 a tonne, zinc declined 0.7% to $2,982 a tonne and tin fell 0.3% to $33,490 a tonne.
* ShFE tin climbed 3.3% to 232,920 yuan a tonne, aluminium shed 0.8% to 19,345 yuan a tonne and nickel jumped 1.7% to 143,280 yuan a tonne.
* China’s aluminium imports in June rose 30% from the prior month, data released by the General Administration of Customs showed on Sunday.
* China will crack down on the hoarding and speculation of commodities while ensuring supplies and prices are stable, in a move to tame price volatility seen in recent months, said China’s Ministry of Industry and Information Technology.
* Aurubis AG, Europe’s largest copper producer, said on Friday that floods had stopped production at its Stolberg copper products plant in Germany.
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* Asian shares slipped to a one-week low and perceived safe haven assets, including the yen and gold, edged higher amid fears of rising inflation and a surge in coronavirus cases, while oil prices fell on oversupply worries.
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Reporting by Mai Nguyen in Hanoi; editing by Vinay Dwivedi