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Copper prices lost ground on Monday, weighed down by a firmer US dollar ahead of key economic data and rising inventories in top consumer China. Three-month copper on the London Metal Exchange CMCU3 was down 0.5% at $8,529 per metric tonne by 0618 GMT, while the most-traded March copper contract on the Shanghai Futures Exchange SCFcv1 slid 0.4% to 68,990 yuan ($9,585.27) per tonne.
The dollar =USD was on the front foot on Monday, ahead of a week packed with key economic releases. A stronger dollar makes it more expensive to buy the greenback-priced commodity, thereby weighing down prices. Investor focus will be on inflation data from the United States, Japan and Europe, which will help refine expectations for future interest rate moves.
Rising inventories in China, meanwhile, further weighed on the market, partly due to higher-than-expected January output and copper users taking a longer holiday amid tepid demand, said Shanghai Metals Market in a report. Meanwhile, post-holiday demand is yet to pick up. Yangshan copper premium SMM-CUYP-CN, an indicator of import demand, was below $50 a tonne, the lowest since August.
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