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METALS-Copper slips below $8,000 after sharp weekly rallies, firm dollar weighs

(Updates prices)

HANOI, Dec 21 (Reuters) - London copper dipped from a key $8,000 per tonne level on Monday, after posting seven straight weekly jumps, as a stronger dollar dented the appeal of the greenback-priced LME metals.

Three-month copper on the London Metal Exchange fell 0.5% to $7,944.50 a tonne by 0727 GMT. It has climbed 81.6% from March lows and surpassed $8,000 for the first time since February 2013 in the previous session.

The most-traded February copper contract on the Shanghai Futures Exchange rose 0.3% to 59,280 yuan ($9,051.35) a tonne, slipping from its highest since September 2011 of 59,640 yuan hit in the overnight session.

Metals were also under pressure as the greenback climbed against major peers amid tightening COVID-19 lockdowns globally.

A firmer dollar makes greenback-priced LME metals more expensive and therefore less appealing to potential buyers holding other currencies.

“Risk assets sell-off is supposed to continue for a bit as the bull rally is over-stretched here,” said a Singapore-based metals trader.

“But liquidity support is there, so we can definitely go higher still,” said the trader, referring to continued injections from global central banks.

Metals were also kept from further losses by news that the United States was inching closer to a stimulus bill to support the world’s largest economy.

FUNDAMENTALS

* LME aluminium fell 1% to $2,036 a tonne and lead dropped 2% to $1,998 a tonne. ShFE aluminium declined 2.3% to 16,280 yuan a tonne and lead shed 2% to 14,525 yuan a tonne.

* Lead inventories surged last week, with LME stockpiles MPBSTX-TOTAL rising to the highest since Oct. 9 at 131,950 tonnes while ShFE stocks PB-STX-SGH jumped to their highest since July 2017 at 52,173 tonnes.

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$1 = 6.5493 yuan Reporting by Mai Nguyen; Editing by Uttaresh.V and Rashmi Aich

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