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London copper prices eased on Monday, as the dollar held near a 16-month high on expectations of a US rate hike, making greenback-priced metals expensive for holders of other currencies.
Forex traders were awaiting for fresh cues on the US economy after bringing forward bets last week for a Federal Reserve interest rate hike on the back of red-hot inflation.
Three-month copper on the London Metal Exchange edged down 0.4% to $9,670 a ton, but losses were cushioned by low inventories in ShFE and LME warehouses.
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The premium of LME cash copper over the three-month contract was last at $130 a ton, indicating that nearby supplies were still tight albeit the tightness has eased slightly in recent sessions.
