The decrease is 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 below its 200-day moving average of $8,998.

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

Standard Chartered analyst Sudakshina Unnikrishnan said that signs of ample metal supply in the short term, the ongoing difficulties in China's housing sector, the lack of meaningful macroeconomic data recovery, and the absence of stimulus measures targeting metal-consuming industries are putting pressure on metal prices.

Sandeep Daga, director of the Metal Intelligence Centre, said the metal sell-off could accelerate if Chinese mill activity data released on Wednesday shows a decline compared to the previous month.

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

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

Trading data shows that net long positions by money managers in the COMEX currency decreased to 19,515 contracts on July 23rd from 75,342 contracts on May 21st.

However, showing that mining companies remain optimistic about the long-term prospects of copper, BHP Group and Lundin Mining announced they will acquire Filo Corp, which has not yet begun production at a copper mine they developed 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