Copper prices fell on Monday, as the US dollar rose against most of its peers, amid growing concerns about the coronavirus crisis.

The US reported a record jump in coronavirus cases by more than 80,000 cases in a single day.

This came amid the lack of an effective and safe Covid-19 vaccine, but Johnson & Johnson hinted that its vaccine may be available early next year, or even before the end of this year.

The rising number of Covid infections in the US and several other countries is feard to lead to re-imposing lockdowns and quarantine restrictions, which consequently impact economies, demand for goods, and industrial activities.

The dollar index rose against a basket of currencies by 0.3% to 93.02 points as of 14:43 GMT, after hitting a high of 93.1 and a low of 92.7.

Copper December futures fell 1.1% to $3.09 per pound as of 14:40 GMT, with a day high of $3.14 and a low of $3.07.

US stock indices opened lower on Monday, amid the lingering uncertainty about the second US fiscal aid package to ease the coronavirus impact.

Observers fear the coronavirus pandemic in the US will worsen, especially after the US reported a record jump in Covid-19 cases by more than 80,000 cases in a single day.

This came as the process of developing effective and safe Covid-19 vaccines is lagging behind

Investors are anticipating the latest developments in the ongoing negotiations between the White House and the US Congress about the second fiscal aid package.

As for stocks, Dow Jones fell 1.3% or 375 points to 27,949 as of 15:10 GMT, Nasdaq fell 0.2% or 21 points to 11,525, and S&P 500 fell 09% or 31 to 3,434. 

Brent crude continued to fall as the US market opened on Monday, extending losses for the second straight day, and hit a 3-week low, amid demand concerns due to the second wave of the coronavirus, in addition to rising Libyan output.

Brent fell 2.75% to the lowest since October 5 at $40.38, after opening at $41.52, and hit a high of $41.60. 

Brent futures lost 1.75% on Friday, the second daily loss in 3 due to global demand concerns.

Oil prices lost 2.5% during the last week, posting the first weekly loss in 3 weeks, as the global demand concerns offset OPEC-Plus' pledge to support the market.

The US reported the highest number so far of new Covid-19 infections in two days on Saturday, and new cases in France rose to over 50,000 cases per day on Sunday.

The Spanish government declared a new state of emergency, and Italy ordered restaurants and bars to be closed by 6 pm.

These developments are indicators of the second wave spread, which threatens any fuel demand recovery.

The National Oil Corporation in Libya ended the oil port blockade, and said that production will reach 1 million barrels per day within a month, which is faster than expected.

Daily production in Libya jumped to about 500 thousand barrels per day, and expectations indicate that production will double by the end of the year, after the receding of the armed military conflict in the country.

Gold prices rose on Monday, within recovery attempts from a 2-week low, to head for the first gain in 3 days, amid safe-haven demand, despite the US dollar's rise against its peers.

Gold rose 0.2% to $1,905.77, after opening at $1,905.77, and hit an intraday low and the lowest since October 15 at $1,891.37.

The yellow metal closed lower by 0.1% yesterday, posting its second daily loss due to improved risk appetite.

Gold prices gained around 0.25% during the past week, posting the third weekly gain in a month, based on a weaker dollar.

Gold prices are being lifted today by rising safe-haven demand, amid renewed concerns about the global economy after a record increase in Corona injuries in the United States and Europe, and fears before the US presidential elections.

The dollar index rose more than 0.3% today, to head for its second gain in 3 days, which weighs down on the prices of gold and other dollar-denominated metals.

The US dollar shined as the best alternative investment, due to doubts about the US passing the new Covid-19 aid package before the presidential election next week.

Gold stocks at the SPDR ETF fell 1.75 metric tonnes on Friday, in the fourth daily drop, to reach the lowest level since September 18 at 1,263.80 metric tonnes.