Copper falls on Europe lockdowns

    124

    HANOI- Copper prices declined on Wednesday as concerns over coronavirus lockdowns in Europe pushed up demand for the dollar and dented the global economic recovery progress.

    Copper, used widely in construction, manufacturing and power, is often used as a gauge of global economic health.

    The US dollar approached a four-month high on Wednesday, making greenback-priced metals more expensive to holders of other currencies.

    Three-month copper on the London Metal Exchange fell 0.2 percent to $8,960.50 a ton, and the most-traded May copper contract on the Shanghai Futures Exchange closed 0.9 percent lower at 66,480 yuan ($10,192.72) a ton.

    Escalating tensions between China and the West, as well as potential US tax hikes hit sentiment and led to investors buying into safe-haven dollar.