BEIJING- London copper prices fell on Monday as the prospect of fewer-than-expected interest rate cuts by the US weighed on investor sentiment, while Shanghai copper climbed to an all-time high.
Three-month copper on the London Metal Exchange lost 0.6 percent to $9,273.50 per metric ton, having gained 5.2 percent in the previous week.
The most-traded May copper contract on the Shanghai Futures Exchange advanced 2.1 percent to a record high of 75,170 yuan ($10,394.94) per ton, catching up to the gains of London prices after a trading holiday break on Thursday and Friday.
Rate cut hopes by the US Federal Reserves and soft a dollar boosted London copper to a 14-month high last Thursday.
However, strong jobs data on Friday showed the world’s largest economy created more jobs than expected last month, suggesting that the Fed may not be in a rush to cut interest rates in the near term.
The dollar was firm but sluggish in Asian trade on Monday as investors looked ahead to US inflation data.
LME aluminum was down 0.4 percent to $2,440, lead lost 0.6 percent to $2,110, nickel lost 1.3 percent to $17,565, tin dipped 0.2 percent to $28,750, and zinc fell 1.9 percent to $2,588.
SHFE aluminum rose 1.4 percent to 20,155 yuan a ton, zinc was up 2.2 percent to 21,730 yuan, nickel accelerated 1.6 percent to 135,870 yuan, tin ticked up 2.6 percent to 233,850 yuan, and lead added 1.7 percent to 16,725 yuan.
