In the LME markets, Copper has had a weak 5 days dropping 2.5%, whilst Aluminium rose 3.4%. The AUD/USD exchange rate is currently at 76.04 up from last week’s level of 75.4. Newspaper reports refer to the weak oil prices, fragile global growth front and slowing Chinese economy. Not that any of those year old headlines can accurately explain the overnight fall.
Elsewhere, the RBA will hold their monthly meeting today with no movement in official rates expected.
**DJ Copper Closes Down In Europe – By Ese Erheriene**
LONDON–Copper prices closed much lower in London on Monday, as fears about manufacturing in China continued to weigh on the metal.
The London Metal Exchange’s three-month copper contract was down 1.8% at $4,760.50 a metric ton at the PM kerb close, having hit a one-month low earlier in the session at $4,757.50 a ton.
The absence of top copper consumer China in the market Monday due to a national holiday allowed fears around its slowing economy to creep back into market sentiment, despite the release of stronger-than-expected manufacturing PMI data on Friday.
Among the other base metals, aluminum closed flat at $1,536 a ton, zinc was down 1% at $1,854 a ton, nickel was up 0.6% at $8,370 a ton, lead was down 1.7% at $1,718 a ton.