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Copper falls on firmer dollar as virus worries weigh

07/21/2021 | 02:24am EDT

July 21 (Reuters) - London copper prices fell on Wednesday, dented by a stronger dollar which rose on worries about climbing COVID-19 cases worldwide.

Three-month copper on the London Metal Exchange fell 0.5% to $9,2792 a tonne by 0732 GMT. The most-traded August copper contract on the Shanghai Futures Exchange tracked overnight gains in London to close up 0.2% at 68,020 yuan ($10,504.86) a tonne.

The dollar stood on the verge of fresh peaks for this year, as jitters about surging infections buttressed gains built on higher interest rate expectations, with investors waiting on the European Central Bank for their next cue.

A firm dollar makes metals priced in the U.S. currency more expensive to holders of other currencies.

As copper prices fell because of dollar pressures, downstream buying interest in China emerged, preventing a steeper decline, said Huatai Futures in a note.

Yangshan copper premium <SMM-CUYP-CN> rose to $40 a tonne, its highest since May 7, indicating strengthening demand for imported metal into China.

FUNDAMENTALS

* LME nickel dropped 1.6% to $18,385 a tonne, aluminium shed 1.4% to $2,432 a tonne and tin was down 0.3% to $33,410 a tonne.

* ShFE nickel declined 1.4% to 136,830 yuan a tonne and zinc fell 1.4% to 22,170 yuan a tonne. Lead jumped 1.3% to 15,815 yuan a tonne.

* The global zinc market was under-supplied by 17,900 tonnes in May following a deficit of 13,800 tonnes in April, data from the International Lead and Zinc Study Group showed.

* The premium of LME cash lead over the three-month contract <CMPB0-3> hit a near three-week high of $13.25 a tonne, indicating tightening nearby supply. LME inventories <MPBSTX-TOTAL> fell to a one-year low of 66,975 tonnes.

* For the top stories in metals and other news, click or

($1 = 6.4751 yuan) (Reporting by Mai Nguyen in Hanoi; Editing by Uttaresh.V and Edmund Blair)


ę Reuters 2021
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