SINGAPORE- Copper prices fell on Monday as inventories in Chinese warehouses rose, and a surge in coronavirus cases deterred efforts to revive the global economy.
Three-month copper on the London Metal Exchange was down 0.5 percent at $6,419 a ton, while the most-traded August copper contract on the Shanghai Futures Exchange eased 0.2 percent to 51,350 yuan ($7,341.27) a ton.
The World Health Organization on Saturday reported a record increase in global coronavirus cases for a second straight day, with the biggest increases from the United States, Brazil, India and South Africa.
“Demand for copper has been strong, but not over this lull summer period, so inventory holders have no choice but to lay them off momentarily into warehouses,” said a metals trader in Singapore. — Reuters
