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BEIJING, Dec 12 (Reuters) – Copper prices fell on Monday from near six-month highs, as the U.S. dollar firmed and caution prevailed ahead of major central bank meetings that could provide further clues on prospects of global economic growth and metals demand.
Three-month copper on the London Metal Exchange CMCU3 slid 1.1% to $8,448.5 a tonne by 0124 GMT, while the most-traded January copper contract on the Shanghai Futures Exchange SCFcv1 was down 1% to 66,140 yuan ($9,508.47) a tonne.
The dollar firmed after data showed producer prices in the United States rose more than expected last month, pointing to persistent inflationary pressures and stoking fears the Federal Reserve would need to keep interest rates higher for longer.
A stronger dollar makes the greenback-priced metal more expensive for other currency holders.
Copper prices touched their highest since June on Friday, as investors expected China’s easing of its COVID-19 restrictions would boost global economic growth and metals demand.
Investors are bracing for a half-percentage-point rate hike from the Fed this week, a step down from its recent series of three-quarter-point increases.
In addition, the European Central Bank and the Bank of England are also set to announce interest rate hikes.
Global miner Anglo American Plc AAL.L on Friday cut its copper production estimate for 2023 because of deteriorating ore grades at its Chilean mines, and trimmed the higher end of its output target for 2022.
LME aluminium CMAL3 lost 1.4% at $2,446 a tonne, zinc CMZN3 slipped 0.8% to $3,215, lead CMPB3 was down 1.2% at $2,174 and tin CMSN3 dropped 2% to $23,805.
SHFE aluminium SAFcv1 fell 1.9% to 18,860 yuan a tonne, zinc SZNcv1 dipped 0.2% to 24,790 yuan, nickel SNIcv1 was down 1.1% at 218,190 yuan, and tin SSNcv1 shed 3.4% at 190,980 yuan.
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($1 = 6.9559 yuan)
(Reporting by Siyi Liu and Dominique Patton; Editing by Subhranshu Sahu)
((Siyi.Liu@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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