Oct 26 (Reuters) - London copper prices fell to their lowest
in nearly a week on doubts over a sustained global economic
recovery as coronavirus cases surged and the dollar
strengthened, making greenback-priced metals more expensive to
buyers holding other currencies.
The United States recorded its highest ever number of new
COVID-19 cases for two consecutive days, while Spain announced a
new state of emergency and Italy ordered restaurants and bars to
shut by 6 p.m. as Europe battles a fresh wave of infections.
"Surging COVID-19 cases and increased restriction measures
around the world mean that markets are likely to face some
headwinds," ING analysts said in a note.
The dollar was stronger as rising virus cases and lack of
progress towards a U.S. stimulus package put traders in a
Three-month copper on the London Metal Exchange fell
0.2% to $6,854 a tonne by 0411 GMT, after hitting $6,842.50 a
tonne, its lowest since Oct. 20, earlier in the session.
The most-traded December copper contract on the Shanghai
Futures Exchange declined 0.4% at 51,880 yuan
($7,759.50) a tonne.
* LME nickel dropped 1.3% to $15,510 a tonne,
aluminium rose 0.3% to $1,847.50 a tonne. In Shanghai,
nickel fell 1.4% to 118,070 yuan a tonne and lead
decreased 1.4% to 14,285 yuan a tonne.
* The global world refined copper market showed a 255,000
tonnes deficit in July, compared with a 351,000-tonne deficit in
June, the International Copper Study Group said in its latest
* China reverted to being a net aluminium exporter in
September, official data showed, as the price gap between
foreign and domestic metal narrowed, making shipments from
overseas more expensive.
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($1 = 6.6860 yuan)
(Reporting by Mai Nguyen; Editing by Amy Caren Daniel and