BEIJING- Prices of copper opened the week lower on Monday, under pressure from a firmer US dollar ahead of key economic data, while higher inventories in top consumer China also weighed.
Three-month copper on the London Metal Exchange shed 0.4 percent to $8,537 per metric ton, while the most-traded March copper contract on the Shanghai Futures Exchange slid 0.3 percent to 69,110 yuan ($9,605.01) per ton.
The dollar was on the front foot on Monday ahead of a week packed with key economic releases.
Investor focus shifted towards inflation data from the United States, Japan and Europe that will help refine expectations for future rate moves.
Deliverable copper stocks on SHFE after the Lunar New Year holiday scaled 181,323 tons, at a near one-year high. Meanwhile, post-holiday demand is yet to pick up.
China’s new home prices extended declines in January, data showed on Friday, despite Beijing’s support to restore confidence in the debt-ridden property sector.
Elsewhere, LME aluminum climbed 0.4 percent to $2,188 per ton, nickel lost 0.4 percent at $17,420, zinc gained 0.3 percent to $2,411.50, lead moved 0.3 percent lower at $2,088.50, and tin was down 0.1 percent at $26,355. – Reuters
