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Copper prices drifted lower on Monday, extending losses from the previous week on worries over China’s property sector and pressure from a stronger dollar.
Three-month copper on the London Metal Exchange CMCU3 was down 0.3% at $8,272 per metric ton, as of 0230 GMT, after shedding 3.2% in the previous week.
The most-traded September copper contract on the Shanghai Futures Exchange SCFcv1 lost 0.7% to 67,970 yuan ($9,362.13) per metric ton.
Concerns about Country Garden’s 2007.HK liquidity brought back into focus the troubled property sector, analysts at ANZ said in a note.
Any failure by Country Garden to pay its debt would hurt already fragile investor sentiment, they added.
Shares of Country Garden plunged more than 12% after the real estate company suspended trading in 11 of its onshore bonds from Monday.
The dollar index =USD moved higher, making it less attractive to buy the greenback-priced metal.
Investors were also awaiting China economic data due on Tuesday for further direction.
LME aluminium CMAL3 shed 0.3% at $2,168.50 a metric ton, tin CMSN3 fell 1.9% to $25,950, zinc CMZN3 shed 0.7% to $2,381.50, lead CMPB3 was little moved at $2,111, while nickel CMNI3 rose 1.9% to $20,620.
SHFE aluminium SAFcv1 was down 0.9% to 18,325 yuan a metric ton, zinc SZNcv1 moved down 1.6% to 20,395 yuan, lead SPBcv1 shed 0.3% to 15,905 yuan, tin SSNcv1 fell 3% to 216,510 yuan, while nickel SNIcv1 added 0.6% at 165,730 yuan.