Three-month copper on the London Metal Exchange (LME) CMCU3 rose 0.5% to $9,558.50 a tonne. The contract has fallen 4.8% in June and is set for a sixth straight weekly decline if the current trend holds.
After rising to a record high of $11,104.50 on May 20, copper prices have fallen 14%, partly due to sluggish economic data from China and uncertainty over U.S. interest rates.
“Markets have shifted their focus to the fact that demand is weak, especially in China,” said StoneX analyst Natalie Scott-Gray. “Meanwhile, if you look at China, the health of the manufacturing sector is still murky, the U.S. is doing better, but Europe is still in a manufacturing recession.”
“I think we will see copper prices average around $9,500 a tonne this year, but prices will likely go above $10,500 by the end of the year, when I suspect we will have our first rate cut in the US,” Natalie said.
Copper stocks in warehouses tracked by the Shanghai Futures Exchange stood at 322,910 tonnes last week, compared with around 30,000 tonnes in January, reflecting ample supplies in China.
The most-traded August copper contract on the Shanghai Futures Exchange SCFcv1 was up 0.2% at 78,060 yuan ($10,741.56), but is set to post its worst month since July 2022.
In the broader market, the US dollar is headed for a monthly gain, making the greenback-denominated metal more expensive for holders of other currencies.
LME aluminium CMAL3 rose 0.5% to $2,504.50 a tonne, nickel CMNI3 rose 0.7% to $17,220.00, zinc CMZN3 rose 0.6% to $2,947.50, lead CMPB3 rose 0.5% to $2,189.50 and tin CMSN3 rose 0.6% to $32,440.
SHFE aluminium SAFcv1 was steady at 20,250 yuan/t, nickel SNIcv1 remained unchanged at 134,920 yuan, lead SPBcv1 rose 0.6% to 19,370 yuan, while zinc SZNcv1 rose 0.6% to 24,370 yuan and tin SSNcv1 rose 1.1% to 269,560 yuan.
Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-29-6-tang-nhe-tren-san-luan-don.html
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