The decline is due to concerns about demand.

The three-month copper contract CMCU3 on the London Metal Exchange (LME) fell 0.2%.

Three-month copper futures on the London Metal Exchange (LME) CMCU3 fell 0.2% to $9,234 per ton, while the most actively traded September copper contract on the Shanghai Futures Exchange (SHFE), SCFcv1, rose 0.2% to 73,770 yuan ($10,323.84) per ton.

"The recent price surge is due to short covering," said analyst Matt Huang at Hong Kong-based brokerage firm BANDS Financial, referring to those holding bearish positions who have had to close their positions.

Open interest for September copper futures fell to 67,000 lots from 107,000 lots a week earlier, while December futures rose by less than 10,000 lots, indicating little contract renewal, according to Huang.

"We haven't seen any new long positions opened. The market needs to see stronger signs of demand recovery in China," Huang added.

China's demand for physical copper has improved slightly in recent weeks, with prices falling 4.4% in June and 3.9% in July. But a strong recovery in consumption remains uncertain amid slowing economic growth and troubles in the country's real estate sector.

A strike at Escondida, the world's largest copper mine, was also averted, easing concerns about supply and putting pressure on copper prices.

LME cash contracts are trading at a discount of over $100/tonne compared to the three-month CMCU0-3 contract, indicating ample supply in the near future.

LME aluminum CMAL3 rose 0.5% to $2,457.50/tonne, nickel CMNI3 increased 0.6% to $16,765, zinc CMZN3 edged up 0.3% to $2,796, tin CMSN3 gained 0.1% to $32,590, and lead CMPB3 gained 0.7% to $2,053.

SHFE's aluminum SAFcv1 rose 1% to 19,685 yuan/tonne, nickel SNIcv1 increased 0.4% to 129,320 yuan, tin SSNcv1 gained 0.6% to 264,200 yuan, zinc SZNcv1 edged up 0.1% to 23,305 yuan, while lead SPBcv1 fell 0.1% to 17,640 yuan.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-21-8-giam-do-lo-ngai-ve-nhu-cau.html