sideways on the exchange

Three-month copper on the London Metal Exchange CMCU3 was little changed.

Three-month copper on the London Metal Exchange (LME) CMCU3 was little changed at $9,940.50 a tonne, aluminium CMAL3 rose 0.2% to $2,657.50 and zinc CMZN3 edged up 0.1% to $3,169.

LME lead CMPB3 rose 0.4% to $2,157 a tonne, tin CMSN3 rose 0.6% to $33,990, while nickel CMNI3 fell 0.3% to $17,930.

Copper prices have been trading around $10,000 a tonne, a key resistance level, as participants in top consumer China are on holiday and trading volumes have therefore been low.

A series of Chinese stimulus measures announced in late September pushed the entire base metals complex higher, with LME copper up 6.4% last month in its best monthly gain since April.

However, as prices approached $10,000, some market participants waited for the Chinese market to reopen to see if physical demand remained intact.

“Most people are still bearish, so they sold above $10,000… So far, things have been good for them, but we will see them scrambling to cover their shorts when China comes back strong tomorrow,” said one trader.

LME copper inventories have fallen slightly since September, but remain nearly three times the level recorded in May.

The LME cash copper contract traded at a discount of $147.09 a tonne to the three-month contract on Friday, indicating ample supplies in the short term.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-9-10-di-ngang-tren-san-giao-dich.html