Three-month copper on the London Metal Exchange (LME) CMCU3 rose 0.1% to $9,640 a tonne, while the most-traded August copper contract on the Shanghai Futures Exchange (SHFE) SCFcv1 rose 0.4% to 78,690 yuan ($10,822.00) a tonne.
The withdrawal “is outweighing the impact of shrinking manufacturing activity in China,” ANZ analysts said in a note.
“Market sentiment was supported by a reduction in SHFE copper inventories, which boosted confidence in improving demand in the second half of 2024,” ANZ added, referring to a slight decline in copper inventories over the past two weeks.
At the LME Gwangyang warehouse in South Korea, 8,000 tonnes of new copper cancellations in LME copper warehouses suggest that inventories may be moved soon. Meanwhile, copper import discounts to China have also tightened, suggesting improved demand.
In China, while an official survey showed manufacturing activity contracted for a second straight month in June, a private survey covering smaller, export-oriented companies showed factory activity grew at its fastest pace in more than three years.
Demand for physical copper in China is picking up and is likely to improve further in July, analysts said, after prices fell about $1,500 a tonne since hitting a record high in May and stabilising around current levels over the past two weeks.
Market participants are looking ahead to China's July 15-18 plenum to see if any further stimulus measures could boost metals demand.
LME aluminium CMAL3 rose 0.2% to $2,521.50 a tonne, nickel CMNI3 rose 0.3% to $17,415, zinc CMZN3 rose 0.4% to $2,939.50, lead CMPB3 rose 0.3% to $2,224 and tin CMSN3 rose 0.2% to $32,960.
SHFE aluminium SAFcv1 rose 0.5% to 20,395 yuan/t, nickel SNIcv1 rose 1.3% to 138,020 yuan, lead SPBcv1 rose 0.8% to 19,740 yuan, while zinc SZNcv1 fell 0.1% to 24,450 yuan and tin SSNcv1 fell 0.1% to 274,080 yuan.
Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-3-7-tang-tro-lai-do-nhu-cau-cai-thien.html
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