Copper prices fell on Monday, as the US dollar rose against most currencies, amid fears that global demand will be affected by the coronavirus pandemic.

Some countries have recently re-imposed lockdown restrictions once again, as governments are struggling to contain the pandemic by vaccines.

This comes after the new highly transmissible delta strain emerged in some countries, and the World Health Organization's warnings of a new variant called "Mo".

Copper in addition to other industrial metals are impacted by growing concerns about a slowdown in global economic growth, as these metals are heavily used in many industries and economic sectors such as construction, electricity, and electronic devices.

The dollar index rose against a basket of major currencies by 0.1% to 92.7 points as of 13:51 GMT, after hitting a high of 92.8 points and a low of 92.6 points.

Copper December futures fell 1.4% to $4.38 per pound as of 13:52 GMT.

Oil prices rallied on Monday, rising for the second day in a row, and hit a 2-week high, amid concerns over the return of the US supply to its pre-Hurricane Ida levels.

US crude rose 1.3% to the highest since September 2 at $70.46 a barrel, after opening at $69.58, and hit a low at $69.54, and Brent crude rose 1% to the highest since September 3 at $73.66 a barrel, after opening at $72.93, and hit a low at $72.70.

The US crude gained 2.5% on Friday, and Brent crude rose 2.3%, in the second gain in 3 days, due to concerns about US supplies.

Oil prices gained around 0.5% last week, the third weekly gain in a row, as fuel demand levels improved in the US, China and India.

Nearly 75% of production in the Gulf of Mexico or about 1.4 million barrels per day remained idle, as producers in the region are still struggling to resume activity.

Gulf of Mexico encompasses 17% of the US total production, which was 11.5 million bpd before Hurricane Ida, and is currently around 10 million barrels per day.

Royal Dutch Shell canceled some export shipments in the Gulf of Mexico on Thursday due to damages to offshore facilities from Hurricane Ida.

Silver prices fell on Monday, and hit a 3-week low as the US dollar rose against most of its rivals, due to growing chances of the near tightening of the US monetary policy.

Silver prices fell 0.6% to the lowest level since August 27 at $23.59 an ounce, after opening at $23.74, and hit a high of $23.80.

Silver closed lower by 1.25% on Friday, the fourth loss in 5 days, as most dollar-denominated metal prices fell.

Silver prices lost about 4.0% last week, in the first weekly loss in the last three weeks, due to the strong performance of the US currency against a basket of currencies, in addition to concerns about the levels of actual demand in China, the largest consumer of metals in the world.

Silver prices lost 2.1% last week, the first loss in 3 weeks, due to strong US dollar and concerns about demand levels in China.

The dollar index rose 0.3% on Friday for another session, marking three-week highs at 92.88 against a basket of major rivals.

The gains come on the back of upbeat inflation data in the US, which might pave the way for a reduction in the bonds purchases program sooner than expected.

Loretta Meester, President of the Federal Reserve Bank of Cleveland said on Friday that she still wanted the US central bank to start reducing asset purchases this year.

Oil prices continued to rally as the US market opened on Monday, and hit a 6-week high, amid concerns over the return of the US supply to its pre-Hurricane Ida levels.

US crude rose 1.7% to the highest since last August 4 at $70.75 a barrel, after opening at $69.58, and hit a low at $69.54, and Brent crude rose 1.3% to the highest since August 2 at $73.88 a barrel, after opening at $72.93, and hit a low at $72.70.

The US crude gained 2.5% on Friday, and Brent crude rose 2.3%, in the second gain in 3 days, due to concerns about US supplies.

Oil prices gained around 0.5% last week, the third weekly gain in a row, as fuel demand levels improved in the US, China and India.

Nearly 75% of production in the Gulf of Mexico or about 1.4 million barrels per day remained idle, as producers in the region are still struggling to resume activity.

Gulf of Mexico encompasses 17% of the US total production, which was 11.5 million bpd before Hurricane Ida, and is currently around 10 million barrels per day.

Royal Dutch Shell canceled some export shipments in the Gulf of Mexico on Thursday due to damages to offshore facilities from Hurricane Ida.