London copper rises as dollar retreats; Shanghai copper falls
09 Jul 2021
London copper prices ticked up on Friday, as the U.S. dollar pulled back from a three-month high, but the metal struggled to widen gains amid doubts about the pace of the global economic recovery.
Three-month copper on the London Metal Exchange was up 0.2% at $9,339.50 a tonne by 0222 GMT, after a 1.4% drop in the previous session.
The most-traded August copper contract on the Shanghai Futures Exchange shed 0.7% to 68,550 yuan ($10,565.66) a tonne.
The rapid spread of the highly-contagious Delta variant of COVID-19 in many countries has raised concerns that the global economic rebound might be derailed, dampening expectations for metals demand.
* China’s factory gate prices rose at a slightly slower pace in June, in line with expectations, while consumer inflation also eased.
* A weaker dollar, which retreated from a three-month peak against its rivals, makes greenback-priced metals cheaper to holders of other currencies.
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* Asian shares hit two-month lows and were set for their worst weekly performance since February, as confidence took a beating over the global spread of the Delta variant.