BEIJING, Nov 28 (Reuters) - Prices of base metals fell
on Monday as protests in several Chinese cities against the
country's strict COVID-19 curbs sparked uncertainty and dampened
Three-month copper on the London Metal Exchange was
down 1.9% at $7,854 a tonne, as of 0207 GMT, while the
most-traded December copper contract on the Shanghai Futures
Exchange shed 1.3% to 64,150 yuan ($8,875.82) a tonne.
Hundreds of demonstrators and police clashed in Shanghai on
Sunday night as protests over China's stringent COVID curbs
flared for a third day and spread to several cities in the wake
of a deadly fire in the country's far west.
The protests raised worries about management of the virus in
the world's second-largest economy and sent Asian stocks lower
in early trade on Monday. The protests also led investors
towards the safe-haven U.S. dollar.
A stronger greenback makes it more expensive for non-dollar
holders to buy dollar-priced commodities.
China's industrial firms saw overall profits decline further
in the January-October period as COVID-19 outbreaks flared up
and cities imposed new virus curbs, including targeted
lockdowns, dampening economic activity.
Industrial profits fell 3.0% in the first 10 months of 2022
from a year earlier. That compared with a 2.3% drop for
January-September, National Bureau of Statistics data released
on Sunday showed.
Among other metals, LME aluminium slid 0.9% to
$2,342 a tonne, zinc dropped 1% to $2,890 a tonne and
lead slipped 0.7% to $2,102 a tonne.
SHFE aluminium dropped 1.4% to 18,630 yuan a tonne,
zinc slipped 0.5% to 23,480 yuan a tonne, tin
shed 1.8% to 181,050 yuan a tonne, and nickel was down
2.9% at 193,100 yuan a tonne.
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($1 = 7.2275 Chinese yuan)
(Reporting by Beijing Newsroom; Editing by Subhranshu Sahu)