Copper prices fell on Monday as the dollar rose after higher oil prices stoked fears about inflation and higher interest rates in the United States and as manufacturing activity in China stalled.
Copper for delivery in May on the Comex market in New York touched $4.06 per pound ($8,932 per tonne), down 0.7% compared to Friday’s closing.
[Click here for an interactive chart of copper prices]
“There’s been some selling on the back of the higher dollar and industrial activity data from China,” a metal trader said.
The Caixin/S&P Global manufacturing purchasing managers’ index (PMI) fell to 50.0 in March, amid slowing production and weaker global demand.
Oil prices surged after a surprise announcement by OPEC+ to cut more production jolted markets and fuelled fears of stronger price pressures, which has raised the chances of higher U.S. rates in May.
Related: Giant Chile mines are struggling just as world needs more copper
(With files from Reuters)
