COPPER - LONDON. Copper prices fell on Monday as a weakening global growth outlook raised concerns of softening in metals demand, but a pause in the U.S. dollar's rally limited losses.
Three-month copper on the London Metal Exchange fell 0.3% to $7,740 a tonne by 0723 GMT and the most-traded October copper contract on the Shanghai Futures Exchange rose 0.4% to 62,280 yuan ($8,880.65) a tonne.
The dollar index was lingering below a two-decade high of 110.79 on Sept. 7, with market participants awaiting key central bank meetings this week. A weak dollar makes greenback-priced metals cheaper to holders of other currencies.
Prices of copper, often used as a gauge of global economic health, have dropped 28% from record highs hit in March, as tighter monetary policies to control rising inflation threaten to hurt growth and metals demand.
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"Weakening investor sentiment and falling demand in light of slower global growth put downward pressures on prices," Fitch Solutions said in a note, revising down its copper price forecast for 2022 to $8,800 a tonne from $9,470 a tonne.
"Nevertheless, persistent supply issues in Latin America will prevent prices falling much further, and we expect copper to remain elevated by historical standards, averaging around $7,500 a tonne over Q4 2022."
ShFE nickel increased 2.3% to 189,600 yuan a tonne, tin rose 0.3% to 176,710 yuan a tonne and aluminium fell 1.1% to 18,710 yuan a tonne.
China's aluminium imports in August dropped 19% from a year earlier to 200,440 tonnes, reflecting weaker import appetite amid record-high domestic production and tight overseas supply.
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