Shanghai base metal prices dropped, with copper sinking to its lowest in more than three years, as markets in China reopened to the fast-spreading coronavirus outbreak that has killed more than 350 people.
Catching up with losses in London prices, the most-traded copper contract on the Shanghai Futures Exchange (ShFE) tumbled by its daily limit of 7 percent to 44,780 yuan a ton, the lowest since November 2016. The contract cut some losses to trade 6.3 percent lower.
Commodities markets in China, a major producer and consumer of most base metals, were closed from Jan. 24 to Feb. 2 for the Lunar New Year holiday.
On Monday, ShFE aluminum declined 3.4 percent to 13,640 yuan a ton, nickel fell 4.1 percent to 102,270 yuan a ton, zinc lost 4.2 percent to 17,410 yuan a ton, lead decreased 4.2 percent to 14,360 yuan a ton and tin weakened 4.9 percent to 131,950 yuan a ton. – Reuters
