SINGAPORE: Shanghai copper fell to its lowest level in more than eight months on Monday, pressured by a weak euro and new measures to douse China's red hot property sector, while the London Metal Exchange was closed, draining liquidity from the market. The most-traded July copper contract on the Shanghai Futures Exchange fell 1.9 percent to 53,800 yuan ($8,700) a tonne, its lowest since July 25, before trading at 54,090 a tonne at 0214 GMT. "Given demand is picking up and inventory is falling, I would say it's macro-related. I think the main reason is the strong dollar," said metals analyst Wan Ling of consultancy CRU in Beijing. "The white good sector is quite strong. Power cables are better than last year." China is the world's top consumer of copper, accounting for 40 percent of refined demand. The euro started the quarter on a weak note on Monday, staying near a four-month low on worries that the euro zone's rescue for Cyprus might have opened a can of worms and as Italy struggles to find a way out of its political impasse. Also adding to safe-have demand for the US currency, Korea put its missile units on standby on Friday to attack US military bases in South Korea and the Pacific, after the United States flew two nuclear-capable stealth bombers over the Korean peninsula in a rare show of force. Asian shares were steady on Monday, but trading remained subdued with some Asian markets, including Australia and Hong Kong, and Europe still closed for Easter holidays. London Metal Exchange markets closed on Friday and will remain shut on Monday.

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