Copper plummets

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    Copper prices fell on Monday to retreat from a near eight-year high hit in the previous session, as rising US-China tensions and a surge in coronavirus cases hurt sentiment.

    Three-month copper on the London Metal Exchange CMCU3 fell 0.5 percent to $7,719 a ton, slipping from the previous session’s peak of $7,774 a ton, which was the highest since March 2013.

    The most-traded January copper contract on the Shanghai Futures Exchange dipped 0.1 percent to 57,140 yuan ($8,742.48) a ton.

    The United States is preparing to impose sanctions on at least a dozen Chinese officials over their alleged role in Beijing’s disqualification of elected opposition legislators in Hong Kong, sources said.