Three-month copper on the London Metal Exchange (LME) fell 1.8% to $9,494 a tonne after days of volatility following the US election, including a 3.4% rally on Thursday.
China has announced a support package for its sluggish economy , easing debt servicing strains for local governments and signaling that further stimulus measures are on the way.
“Clearly the market is disappointed, they want more from China,” said Nitesh Shah, commodities strategist at WisdomTree. “Expectations were set very high and there was a lot of praise from officials for fiscal policy support, but the market is getting impatient.”
Investors are concerned about incoming US President Donald Trump's threats to impose tough tariffs on China, which could dampen demand for metals.
“I’m interpreting today’s announcement as saying that instead of announcing a big stimulus package up front, China is waiting to see what trade restrictions are coming and holding back some cash for stimulus at that time,” Shah added.
The most-traded December copper contract on the Shanghai Futures Exchange (SHFE) closed up 1.5% at 77,100 yuan ($10,753) a tonne ahead of China's stimulus announcement.
"The 6 trillion (yuan) announced today to immediately tackle domestic debt compared to the initial plan of 12 trillion sent the market sliding," said an Asia-based trader.
Weekly data showing copper inventories at SHFE warehouses fell about 9% helped to ease losses, a sign of improving demand.
Among other metals, aluminium on the LME fell 2.1% to $2,638.50 a tonne, zinc fell 2.2% to $2,986, nickel fell 1.1% to $16,410, tin fell 0.6% to $31,630 while lead edged up 0.2% to $2,042.50.
Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-9-11-giam-do-thieu-bien-phap-kich-thich.html
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