Copper prices fell on Monday, as a rapid spread of the Omicron coronavirus variant fuelled concerns over its impact on economic activity, while the dollar held firm.
Three-month copper on the London Metal Exchange fell 0.5 percent to $9,390 a ton, while the most-traded January copper contract on the Shanghai Futures Exchange shed 0.6 percent to 68,870 yuan ($10,798.06) a ton.
“Recent news from few countries on Omicron cases are bringing caution to market. Risks include further lockdowns on spread of Omicron and how it impacts demand or production operations,” said Wong Min Hao, a commodities manager with Phillip Futures.
The Netherlands went into a lockdown on Sunday, while several other European governments considered additional curbs to control the spread of the highly contagious variant.
The dollar hovered near the three-week peak hit last week, after a US Federal Reserve official signaled that the first interest rate hike could come as early as March.
