down due to USD appreciation

Three-month copper on the London Metal Exchange CMCU3 fell 0.3%.

Three-month copper on the London Metal Exchange (LME) CMCU3 fell 0.3% to $9,648.50 a tonne.

The most-traded copper contract on the Shanghai Futures Exchange SCFcv1 fell 1.6% to 78,670 yuan ($10,833.55) a tonne.

“There are still macro concerns as China continues to struggle,” said ANZ analyst Soni Kumari. “If we see things improve in China, prices will rise. But in the medium to long term, copper is supported by structural changes in the energy transition and supply challenges.”

Expectations of shortages and a strong demand outlook in the coming years pushed LME copper to a record above $11,100 in May. However, prices have since fallen 13% on uncertainty over a recovery in Chinese demand and the timing of a U.S. interest rate cut.

Financial revenue in China fell 2.8% in the first five months of 2024 from a year earlier as weak demand dragged on the economic recovery, official data showed.

The dollar hovered near an eight-week high, making the greenback-denominated metal less attractive to buyers holding other currencies.

Technically, LME copper could retest support at $9,579 a tonne this week, a break below which could open the way towards the $9,262-$9,368 range, according to Reuters technical analyst Wang Tao.

LME aluminium CMAL3 fell 0.5% to $2,501.00 a 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.

SHFE aluminium SAFcv1 fell nearly 1% to 20,360 yuan/t, 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