price reduction due to economic instability

Three-month copper on the London Metal Exchange (LME) CMCU3 fell 0.4%.

Three-month copper on the London Metal Exchange (LME) CMCU3 fell 0.4% to $8,827.50 a tonne, while the most-traded September copper contract on the Shanghai Futures Exchange (SHFE) SCFcv1 fell 0.1% to 71,370 yuan ($9,948.15) a tonne.

Copper prices, often seen as an economic indicator, fell early last week as fears of a US recession sparked a sharp sell-off in financial markets.

Market sentiment improved after data showed on Thursday that the number of Americans filing new claims for unemployment benefits fell more than expected.

The US will release consumer prices on Wednesday, where economists expect prices to rise 0.2% in both headline and core prices, while core prices edged down slightly to 3.2% year-on-year.

China will release data on retail sales and industrial production this week that are expected to show the economy continues to underperform, underscoring the need for more stimulus.

Demand for the metal, used in the power and construction sectors, has slowed this year. However, recent price drops have encouraged more buying in China.

LME aluminium CMAL3 was steady at $2,302 a tonne, nickel CMNI3 fell 0.3% to $16,100, lead CMPB3 rose 0.4% to $2,046.50, tin CMSN3 rose 0.2% to $31,350 and zinc CMZN3 fell 0.1% to $2,734.

SHFE aluminium SAFcv1 was almost flat at 10,095 yuan a tonne, nickel SNIcv1 fell 1.3% to 127,880 yuan, zinc SZNcv1 rose 2.2% to 22,885 yuan, lead SPBcv1 rose 1.4% to 17,930 yuan and tin SSNcv1 rose 1% to 255,970 yuan.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-13-8-giam-gia-do-bat-on-kinh-te.html