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SHFE copper prices drop on firm dollar, global economic growth concerns
Copper led the rest of the base metals traded on the Shanghai Futures Exchange downward during morning trading on Monday March 25, with a firm US dollar and weak economic data weighing on sentiment.
The most-traded May copper contract stood at 48,370 yuan ($7,119) per tonne as at 11.12am Shanghai time, down by 1.2% or 570 yuan per tonne from a close of 48,940 yuan per tonne on Friday.
The sell-off in the dollar following the more dovish than expected rhetoric from the Federal Open Market Committee on March 20 has proved short-lived with the US currency recovering late last week.
The dollar index, at 96.58 as at 11.14am Shanghai time, is in relative high ground compared with the low of 95.74 reached on March 20. The index had hit a high of 96.81 last Friday.
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