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Copper falls amid caution ahead of U.S. inflation data


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Copper prices fell on Monday, as traders grew cautious ahead of the release of the U.S. consumer price data that could give a hint to future rate decisions and the direction of global growth.

Three-month copper on the London Metal Exchange fell 0.4% to $7,829 a tonne by 0356 GMT, aluminum eased 0.1% to $2,284 a tonne while zinc advanced 0.5% to $3,182 a tonne and lead rose 0.7% to $1,930.50 a tonne.

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U.S. inflation data on Tuesday would give better indication of how much the world’s biggest economy would hike its interest rates and how much that could alter the dollar and the global economic growth, which eventually impact the demand for metals.

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Trading volume was tepid on Monday, as the Shanghai Futures Exchange is closed for a public holiday.

The premium of LME cash copper over the three-month contract fell to $67.50 a tonne, from $108.50 a tonne in the previous session, as some tonnage was delivered into LME warehouses and eased worries over shortage of immediate supply.

Supply risks of copper concentrate continued to linger after workers at Chile’s Escondida, the world’s largest copper mine, agreed to temporarily suspend a work stoppage planned for next week to meet with local regulators.

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DATA/EVENTS (GMT)

0600 UK GDP Est 3M/3M

0600 UK GDP Estimate MM, YY

0600 UK Manufacturing Output MM

1200 India Industrial Output YY

(Reporting by Mai Nguyen in Hanoi; Editing by Rashmi Aich)



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