Copper hits 10-day low as oil rally and strong dollar weigh
Benchmark three-month copper on the LME fell 1.06% to $14,467.50 a metric ton. SHFE copper dropped 0.72% to 109,420 yuan.
Sept 28 (Reuters) — Copper fell to its lowest in 10 days on Monday, as rising oil prices, following the US rejection of Iran's peace deal, and a strong US dollar weighed on the industrial metals complex. 50 a metric ton by 0332 GMT. Earlier, it fell to $14,440, its lowest since September 18. 08) a ton.
91%, its steepest decline since September 15, to 109,210 yuan, its lowest since September 18. Brent crude rose nearly 2% on Monday after US President Donald Trump rejected an Iranian proposal to reopen the Strait of Hormuz and end the conflict, keeping concerns over disruptions to oil flows through the key waterway alive. The US dollar hovered near a two-month high. A stronger dollar makes greenback-priced metals more expensive for holders of other currencies.
2% in July, official data showed on Monday. 6% in January-July. Downstream users are expected to restock ahead of China's seven-day National Day holiday this week, but elevated spot premiums and high copper prices may curb demand, Jinrui Futures said. Domestic copper premium stood at 1,315 yuan a ton as of Thursday before the Mid-Autumn Festival holiday, just below a weekly peak of 1,375 yuan.
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