BEIJING- Prices of London copper dropped on Monday as the dollar firmed, while investors awaited economic data from top metals consumer China for more clues on global demand.
Three-month copper on the London Metal Exchange was down 0.3 percent at $9,851.50 per metric ton, after a weekly decline due to high inventories and weak demand in China.
The most-traded August copper contract on the Shanghai Futures Exchange gained 0.8 percent to 79,870 yuan ($10,997.14) a ton.
US bond futures slipped and the dollar firmed on Monday as investors wagered the attack on US presidential candidate Donald Trump made his victory more likely, while injecting a whole new level of political uncertainty into markets.
A firmer dollar makes the greenback-priced commodity less attractive for buyers using other currencies.
A busy week for data kicks off with Chinese gross domestic product (GDP) on Monday where annual growth is seen slowing slightly to 5.1 percent in the second quarter. Retail sales and industrial output for June are also due, while China’s gathering of top officials runs from July 15-18.
