Copper turns lower as investors grow more cautious

Copper prices fell on Thursday, giving up early gains that were made after the release of Chinese data, as caution returned to markets.

Investors fear the coronavirus crisis might worsen, despite successive announcements of a several effective Covid-19 vaccines.

The United Kingdom announced on Wednesday granting a license to Pfizer for the emergency distribution of their Covid-19 virus vaccine, and said it would start vaccinating people early next week.

Data showed that the Chinese Caixin services PMI rose to 57.8 points last month, better than forecasts of 56.5 points.

The dollar index fell against a basket of major currencies by 0.4% to 91.7 points as of 14:03 GMT, after hitting a high of 91.09 points and a low of 91.7 points.

Copper March futures fell 0.1% to $3.48 per pound as of 14:02 GMT, after hitting a high of $3.52 and a low of $3.46.