The decline is due to a stronger US dollar.

The three-month copper contract CMCU3 on the London Metal Exchange (LME) fell 0.3%.

Three-month copper futures on the London Metal Exchange (LME) CMCU3 fell 0.3% to $9,232 per ton, while the most actively traded September copper contract on the Shanghai Futures Exchange (SHFE), SCFcv1, rose 0.2% to 73,870 yuan ($10,352.61) per ton.

The US dollar index edged higher by 0.2%, recovering from its near eight-month low as hopes for a US interest rate cut faltered. A stronger dollar makes metals priced in the greenback more expensive for holders of other currencies.

However, the decline in metal prices has its limits.

"The macroeconomic outlook is not as bleak as recently feared. The fundamentals are also showing signs of improvement," said ANZ analyst Soni Kumari, referring to potential output of copper, aluminum, nickel, and zinc.

"Inventories are falling and the futures contango curve is narrowing... suggesting a tighter market. Downstream demand is also showing signs of improvement for copper and aluminum," she added.

SHFE zinc SZNcv1 rose as much as 1.7% to 23,780 yuan/tonne, its highest level since July 18. LME zinc CMZN3 surged to $2,870/tonne, a level not seen since July 17.

Chinese zinc smelters are discussing the possibility of cutting production after a shortage of concentrate supplies caused spot processing fees to fall into negative territory.

"Chinese zinc smelters are currently suffering significant financial losses with such low processing fees, and some smelters are unable to obtain enough concentrate and are having to cut production," said CRU analyst Dina Yu.

LME nickel CMNI3 fell 0.7% to $16,790/tonne, tin CMSN3 fell 0.1% to $32,650 while aluminum CMAL3 was virtually unchanged at $2,486.50 and lead CMPB3 rose 0.1% to $2,087.

SHFE aluminum SAFcv1 rose 0.5% to 19,850 yuan/tonne, tin SSNcv1 increased 0.6% to 265,740 yuan, while nickel SNIcv1 fell 1% to 129,630 yuan and lead SPBcv1 declined 0.7% to 17,490 yuan.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-24-8-giam-do-dong-usd-manh-hon.html