Copper futures for delivery in three months on the London Metal Exchange (LME) CMCU3 fell 0.3% to $9,648.50 per ton.
The most actively traded copper contract on the Shanghai Futures Exchange, SCFcv1, fell 1.6% to 78,670 yuan ($10,833.55) per ton.
ANZ analyst Soni Kumari said: “There are still growing macroeconomic concerns as China continues to struggle. If we see things improve in China, then prices will rise. But in the medium and long term, the copper is supported by structural changes in the energy transition and supply challenges.”
Expectations of shortages and strong demand prospects in the coming years pushed the LME to a record high above $11,100 in May. However, prices have fallen 13% due to uncertainty about the recovery of Chinese demand and the timing of US interest rate cuts.
Official data shows that financial revenue in China fell 2.8% in the first five months of 2024 compared to a year earlier due to weak demand following the economic recovery.
The US dollar is fluctuating near its highest level in eight weeks, making metals priced in the greenback less attractive to buyers holding other currencies.
Technically, LME copper could retest support at $9,579 per ton this week, with a break below potentially paving the way toward the $9,262-$9,368 range, according to Reuters technical analyst Wang Tao.
LME aluminum CMAL3 fell 0.5% to $2,501.00/tonne, nickel CMNI3 fell 0.4% to $17,155.00, zinc CMZN3 fell 0.4% to $2,834.00, lead CMPB3 fell 0.4% to $2,181.50, and tin CMSN3 rose 0.3% to $32,690.00.
Aluminum SHFE SAFcv1 fell nearly 1% to 20,360 yuan/tonne, nickel SNIcv1 fell 1% to 134,050 yuan, lead SPBcv1 rose 0.6% to 18,890 yuan, while zinc SZNcv1 fell 1% to 23,655 yuan and tin SSNcv1 fell 0.3% to 273,3780 yuan.
Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-25-6-giam-do-dong-usd-tang-gia.html
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