By Copper futures fell on Monday, despite betterthanexpected manufacturing data from top consumer China, as a firmer dollar ahead of the U.S. presidential election made greenbackpriced metals more expensive to holders of other currencies.
Threemonth copper on the London Metal Exchange dipped 0.1 to 6,714.50 a tonne by 0712 GMT.
The mosttraded December copper contract on the Shanghai Futures Exchange closed down 0.2 at 51,070 yuan 7,631.04 a tonne, having touched 50,720 yuan a tonne earlier in the session its lowest since Sept. 30.
Copper is capped between positive Chinese manufacturing data and a firm U.S. dollar ahead of the U.S. election, said commodities broker Anna Stablum of Marex Spectron.
A Biden win might be more positive to base metals demand in the longer term, but I think the dollar reaction will outweigh all else, she added, referring to Democratic U.S. presidential nominee Joe Biden.
Chinas manufacturing activity fastened at the quickest pace in nearly a decade in October, but a steady U.S. dollar made metals more expensive.
New rounds of coronavirusdriven lockdowns globally also threatened the global economic recovery and demand for metals.
FUNDAMENTALS
ShFE aluminium hit its highest since January 2018 at 14,850 yuan a tonne, while LME aluminium dipped 0.3 to 1,843 a tonne.
One party is holding 4050 of LME aluminium inventories and shortterm futures, while the discount of LME cash over the threemonth contract tightened to 1.50 a tonne, its…
