Three-month copper futures on the London Metal Exchange (LME) fell 0.2% to $9,773 per ton.
"For metals, the risks have been diminishing recently, but that was necessary after a very strong move that wasn't justified at the time," said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen.
Copper prices have fallen 12% since hitting a record high of $11,104.50 last month following a rally fueled by speculators and investment funds.
Hansen said, "Buyers will hesitate until we see a clear price increase that surpasses the psychological $10,000 level, which will be a difficult hurdle to overcome."
A stronger US dollar weighs on metals, making commodities priced in US dollars more expensive for buyers using other currencies.
Copper inventories at LME registered warehouses have risen 28% over the past month to their highest level in four months.
That partly accounts for the discounting of LME cash contracts against three-month contracts in a market structure known as contango. The price drop nearly reached a record high on Tuesday at $133/tonne.
LME nickel prices fell 0.1% to $17,620 a ton after slipping to their weakest level since April 4th at $17,400. It is down about 2% this week.
Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-17-6-dong-niken-dong-loat-giam.html
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