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 percent to $7,918 per metric ton, while the most-traded December copper contract on the Shanghai Futures Exchange slid 0.8 percent 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.
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 aluminum dipped 0.2 percent to $2,176.50 a ton, tin was little changed at $24,995, zinc slid 0.7 percent to $2,420, lead nudged down 0.3 percent to $2,093.50, and nickel gained 0.1 percent to $18,600.
SHFE aluminum fell 0.4 percent to 18,910 yuan a ton, zinc slid 0.4 percent to 18,900 yuan, lead added 0.5 percent at 16,580 yuan, nickel was listless at 149,050 yuan, while tin slipped 1.1 percent to 214,220 yuan.
