RE:Cu RocketingThen fell back -
Copper prices fell in London on Monday with some investors booking profit as the metal was on track for its biggest monthly gain since April after a series of stimulus measures in top metals consumer China.
Three-month copper on the London Metal Exchange (LME) was down 0.8% at $9,905.5 per metric ton in official open-outcry trading after hitting $10,158, its highest since June 7. The metal, used in power and construction, is up 7.6% so far in September.
China's central bank said on Sunday it would tell banks to lower mortgage rates for existing home loans before Oct. 31, as part of sweeping policies to support the country's beleaguered property market.
Chinese stocks surged on Monday, and China's yuan posted its biggest quarterly gain against the dollar since 2020, making dollar-priced metals more attractive for buyers using this currency.
U.S. Comex copper futures touched $4.7900 a lb, the highest since May 28, before retreating to $4.5825, down 0.4% vs Friday.
"It seems like traders got a bit carried away, especially in New York, perhaps expressing a market where liquidity is poor ahead of the China's Golden Week holiday and LME Week in London," said Ole Hansen, head of commodity strategy at Saxo Bank.