opper prices fell in the official pricing session on the London Metal Exchange on Monday amid speculation that the Chinese State Reserve Bureau (SRB) is selling copper into the domestic market.
Copper for delivery in three months settled at $4,640/45 per tonne in the official session, pushed lower by a firmer dollar and the bearish news that the Chinese stockpiling agency may be taking profits after last week’s gains.
Three-month copper opened at $4,750 per tonne, as the US dollar firmed to $1.3 against the euro.
The SRB is trying to sell about 20,000-50,000 tonnes of copper in the local market, anticipating price falls in the forthcoming months, sources told MB.
