Three-month copper on the London Metal Exchange (LME) fell 0.5% to $9,218 a tonne after falling 2% in the previous session.
LME data showed copper inventories in LME-registered warehouses rose by 8,700 tonnes to 322,950 tonnes on Thursday, the highest in about five years and double the level in mid-June.
Most recent imports have been flowing into LME Asian warehouses amid strong exports from China, analysts said.
“We could see some more cargoes moving into LME warehouses, even into September,” said Amelia Xiao Fu, head of commodity market strategy at Bank of China International.
A window of arbitrage that encouraged Chinese exports has closed, but flows continue due to licensing delays and other shipping issues, she added.
LME copper has recovered about 9% since hitting a 4-1/2-month low on Aug. 5. Prices reached $9,453 on Tuesday before falling on Wednesday.
“Growth is limited until we see a significant pick-up in Chinese demand. Real estate data remains sluggish and other types of fixed asset investment have only grown moderately,” Fu added.
The most-traded October copper contract on the Shanghai Futures Exchange (SHFE) fell 1.1% to 74,200 yuan ($10,434.68) a tonne.
Mining giant BHP has cut its forecast for China copper growth to 1-2% this year, the company said on Tuesday, pointing to an expected sharp decline in housing completions this year.
LME aluminium fell 1.2% to $2,467 a tonne, partly pressured by concerns about oversupply as inventories rose in SHFE-approved warehouses. SHFE aluminium shares have risen 36% over the past three months.
Among other metals, LME nickel fell 0.4% to $16,955 a tonne, zinc fell 0.1% to $2,877.50, lead fell 1.4% to $2,055 and tin fell 0.7% to $32,375.
Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-30-8-giam-do-ap-luc-tu-hang-ton-kho.html
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