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Company News

METALS-Shanghai copper hits 1-month low as U.S. election, virus spark caution

Nov 2 (Reuters) - Shanghai copper on Monday hit its lowest in more than a month, while London prices fell to a level unseen in more than two weeks, as caution grew amid rising coronavirus cases and on uncertainty ahead of the U.S. presidential election this week.

The most-traded December copper contract on the Shanghai Futures Exchange fell as much as 0.9% to 50,720 yuan ($7,579.31) a tonne, its lowest since Sept. 30.

Three-month copper on the London Metal Exchange declined to as low as $6,672 a tonne, a level unseen since Oct. 15.

Coronavirus cases continued their grim climb in the United States on Sunday while a one-month lockdown in England could extend as the country struggled to contain a second wave of the COVID-19 pandemic.

FUNDAMENTALS

* ShFE aluminium hit a 30-month high at 14,760 yuan a tonne, tracking gains in London in the previous session, while LME aluminium dipped 0.1% to $1,847 a tonne by 0135 GMT.

* The suspension of operations at Chile’s Candelaria copper mine continued on Friday with no signs of a resolution in a contractual dispute between the company and two workers’ unions.

* For the top stories in metals and other news, click or

MARKETS NEWS

* Oil prices hit five-month lows and shares extended losses on worries about global demand as many economies slid back into coronavirus-induced lockdowns while upcoming U.S. presidential elections led to heightened caution.

DATA/EVENTS (GMT)

0145 China Caixin Mfg PMI Final Oct

0500 India IHS Markit Mfg PMI Oct

0850 France Markit Mfg PMI Oct

0855 Germany Markit/BME Mfg PMI Oct

0900 EU Markit Mfg Final PMI Oct

0930 UK Markit/CIPS Mfg PMI Final Oct

1445 US Markit Mfg PMI Final Oct

1500 US ISM Manufacturing PMI Oct

$1 = 6.6919 yuan Reporting by Mai Nguyen, Editing by Sherry Jacob-Phillips

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