MOSCOW, June 10 – PRIME. Prices for most base metals fell on Monday, with LME copper hitting its lowest in more than five weeks, helped by a stronger dollar and limited demand in the physical market.
As of 0417 GMT, three-month copper futures on the LME were down 0.2% at $9,747 a tonne. Aluminum was down 1% at $2,552.50, zinc was down 0.9% at $2,741 and lead was down 0.4% at $2,190.50.
LME tin was down 0.1% at $31,410 a tonne, while nickel was little changed at $18,035.
The dollar index rose on Monday, making metals less accessible to holders of other currencies. U.S. data on Friday pointed to stronger-than-expected employment growth in May.
That has forced traders to reassess expectations for the timing and size of the Federal Reserve’s key interest rate cut.
Earlier in the session, copper prices fell 0.2% to $9,741 a tonne, the lowest since May 2. Three-month copper futures on the LME have fallen about 12% since hitting a record high of $11,104.50 on May 20.
The net speculative position in COMEX copper fell to its lowest since April 16 on Tuesday.
Meanwhile, the Yangshan copper premium remained in negative territory, reflecting weak demand from the world’s largest copper consumer amid high and volatile prices.
Copper inventories at SHFE exchange warehouses continue to rise, reaching 336,964 tonnes on Friday, the highest since March 2020.
Trading volume was light on Monday due to a public holiday in China.