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Copper hits near 1-week low on rising virus cases, stronger dollar

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10/26/2020 | 12:38am EDT

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 cautious mood.

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.

FUNDAMENTALS

* 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 monthly bulletin.

* 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.

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

($1 = 6.6860 yuan) (Reporting by Mai Nguyen; Editing by Amy Caren Daniel and Rashmi Aich)


Stocks mentioned in the article
ChangeLast1st jan.
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.16% 6.6753 Delayed Quote.-4.24%
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