Copper slips

Reuters

Melbourne

London copper slipped on Thursday in very low volumes as a stronger dollar weighed on commodities and a week-long holiday in China drained the market of direction.

Trade was expected to stay subdued until mainland China markets reopen on Monday.

In the meantime, prices have been buffeted by a resurgent dollar, while China´s steps to cool its overheated property market may also temper a nascent copper revival, said Argonaut Securities in a report.

"In China, cooling measures on the property markets may dampen demand for white goods and construction (which) account for 15 percent and 10 percent of China´s total copper demand," it said.

China´s southern megacities of Guangzhou and Shenzhen are the latest centres to impose new measures to cool their overheated real estate markets, including higher mortgage downpayments and home purchase restrictions.