(Reuters) – Prices in London hit their lowest level in more than two months on Monday, as a stronger dollar pushed up the cost of metals priced in US dollars to holders of other currencies.
Three-month copper on the London Metal Exchange was down as much as 1.1% at $7,352 a ton, the lowest since July 22, and down 32% since hitting a record high in March of $10,845 a ton.
The US dollar has reached a new peak in two decades, buoyed by a sharp fall in the British pound and a hawkish outlook by the Federal Reserve.
With interest rates on the horizon, global economic growth also looked shaky, threatening demand for industrial metals and weighing on prices.
LME aluminum hit an 18-month low at $2,151 a ton, zinc fell 0.4% to $2,995.50 a ton by 0326 GMT while tin rose 1.5% to $20,540 a ton.
The most traded copper contract for October on the Shanghai Futures Exchange fell 2.7% to 60,840 yuan ($8,500.17) per ton.
ShFE nickel fell 3.1% to 18,620 yuan per ton, tin fell 3.1% to 178,510 yuan per ton, aluminum fell 1.9% to 18,380 yuan per ton, and zinc fell 2.2% to 24,430 yuan per ton.
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(dollar = 7.1575 yuan)