decrease due to risk aversion

Copper on the London Metal Exchange CMCU3 fell 0.5%.

Copper on the London Metal Exchange (LME) CMCU3 fell 0.5% to $8,975.50, breaking the 200-day average of $8,998.

Three-month aluminium futures on LME CMAL3 fell 1.0% to $2,229 a tonne, after touching $2,209.50, the lowest since March 1.

Signs of ample metal supply in the short term, continued distress in China’s housing sector, lack of meaningful recovery in macro data and lack of stimulus measures targeting metal-consuming sectors kept metal prices under pressure, said Standard Chartered analyst Sudakshina Unnikrishnan.

The metals sell-off could accelerate if Chinese factory activity data due on Wednesday shows a decline from the previous month, said Sandeep Daga, director of the Metal Intelligence Centre.

The dollar index rose, while broader markets traded cautiously ahead of a US Federal Reserve meeting, pricing in almost no chance of a rate cut on Wednesday, but betting on a rate cut at the next meeting in September.

Copper has fallen 19% since a rally triggered by short covering and speculators betting on a long-term copper shortage amid the green energy transition sent prices to a record high of $11,104.50 on May 20.

Money managers' net long positions in COMEX copper fell to 19,515 contracts on July 23 from 75,342 contracts on May 21, trading data showed.

However, showing miners remain optimistic about copper's long-term prospects, BHP Group and Lundin Mining said they would buy Filo Corp, which has yet to start production at a copper mine they are developing in Latin America, for $3.25 billion.

Zinc CMZN3 fell 0.3% to $2,628, lead CMPB3 fell 1.6% to $2,034.50, tin CMSN3 fell 1.7% to $28,830 and nickel CMNI3 rose 1.5% to $16,070.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-31-7-giam-do-tam-ly-ngai-rui-ro.html