Copper prices fell on Monday and hit the lowest level in 2 and a half months, while the US dollar fell against most majors, amid concerns about the Chinese government's measures to curb prices.

Copper was weighed down recently after Beijing decided to release copper, aluminum and zinc from its national reserves to reduce prices.

With this measures, the Chinese government aims to curb prices in the domestic market, which have spiked recently.

3-month copper futures in the London Metal Exchange fell 0.4% to the lowest level since April 15 at $9,105 per tonne.

The dollar index fell against a basket of major currencies by 0.2% to 91.9 points as of 13:47 GMT, after hitting a high of 92.3 points and a low of 91.9 points.

Copper July futures fell 0.2% to $4.15 per pound as of 13:49 GMT, after hitting a high of $4.17 and a low of $4.09.

US stock indices open higher on Monday, after the market absorbed the Federal Reserve's statement of last week.

Wall Street was weighed down by the the Fed's statement last week, in which it forecast 2 interest rate hikes in 2023, and raised its forecast for US GDP growth this year to 7% from 6.5% in March.

The 0-year US Treasury yield fell below 2% today for the first time since last February, and the the 10-year bond hit a 4-month low.

As for stocks, Dow Jones rose 1.5% or 490 points to 34,780 as of 14:29 GMT, Nasdaq rose 0.3% or 42 points to 14,072, and S&P 500 rose 1% or 44 points to 4,210.

Silver prices rose on Monday, within recovery attempts from a 2-month low, on the cusp of the first gain in 7 days, as the US Treasury bond yields fell. 

Silver prices rose 1.1% to $26.08 an ounce, after opening at $25.79, and hit an intraday low and the lowest since April 15 at $25.54.

Silver closed lower by 0.4% on Friday, in the sixth straight daily loss, as the US dollar rallied against its peers.

Silver lost 7.5% last week, in the third straight weekly loss, and the largest since September 2020, after the Federal Reserve raised interest rates and inflation expectations.

The 10-year US Treasury yield fell 6.0% today, hitting a 4-month low of 1.354%.

Minneapolis Federal Reserve President Neel Kashkari said on Friday he wants to keep the interest rate near zero at least until the end of 2023 to allow the labor market to return to its pre-pandemic strength.

Brent crude rose as the US the US market opened on Monday, extending gains for the second straight day, thanks to a strong global demand outlook, while fears over the return of the Iranian exports receded due to the suspension of the Iranian nuclear talks after the election victory of the hardline Iranian president Ebrahim Raisi.

Brent crude rose 1.2% to the level of $74.20 a barrel, from the opening level at $73.32, and recorded the lowest level at $73.32.

Brent crude rose 1.2% to $74.20 a barrel, after opening at $73.32, and hit a low at $73.32.

Brent crude rose 0.2% on Friday, in the first gain out of 3 days as profit-taking from a 2-year high of $74.94 stopped.

Oil prices rose 0.8% last week, the fourth straight weekly gain, thanks to growing indicators on the global oil demand recovery.

Thanks to progress in Covid-19 vaccination, most major countries started to ease their lockdown restrictions, especially travel restrictions, which portends increased fuel consumption.

Ebrahim Raisi has won the Iranian presidential election with a 48.8%, which is sparked a great concern to the international community, especially as Raisi is is under US sanctions for human rights abuses due to death sentences against political prisoners.

In response, talks to revive the Iranian nuclear agreement between Tehran and world powers were suspended, and some sources said the negotiations for will be suspended for 10 days.

Experts rule out the talks will be successful in the short term, especially due to Iran's insisting on removing the US sanctions on Ibrahim Raisi.