Industrial metals prices decline on prospects for US rate hike

Base metals prices in Shanghai fell on Monday on worries of slower economic growth and metals demand after U.S. Federal Reserve Chair Jerome Powell signalled more interest rate hikes, reports Reuters.

Powell on Friday warned that Americans were headed for a painful period of slow economic growth and possibly rising joblessness.

Slowing growth could lead to weakening demand for base metals, and copper is often used as a gauge of the global economic health.

"Powell's speech at the annual meeting was hawkish, and it is expected to have an impact on prices in the short term," said Jinrui Futures in a note.