ShFE Copper Hits 1-Month Low as U.S. Election, Virus Sparks Caution

Mumbai (commodities control) - Shanghai copper on Monday hit its lowest in more than a month, while London prices fell to a level unseen in more than two weeks, as caution grew amid rising coronavirus cases and on uncertainty ahead of the U.S. presidential election this week.

The most-traded December copper contract on the Shanghai Futures Exchange fell as much as 0.9% to 50,720 yuan ($7,579.31) a tonne, its lowest since Sept. 30. Three-month copper on the London Metal Exchange declined to as low as $6,672 a tonne, a level unseen since Oct. 15. Coronavirus cases continued their grim climb in the United States on Sunday while a one-month lockdown in England could extend as the country struggled to contain a second wave of the COVID-19 pandemic. ShFE aluminium hit a 30-month high at 14,760 yuan a tonne, tracking gains in London in the previous session, while LME aluminium dipped 0.1% to $1,847 a tonne by 0135 GMT. The suspension of operations at Chile’s Candelaria copper mine continued on Friday with no signs of a resolution in a contractual dispute between the company and two workers’ unions. (Commodities control Bureau)