Copper futures for delivery in three months on the London Metal Exchange (LME) fell 1.8% to $9,494 a ton after days of volatility following the US election, including a 3.4% rebound on Thursday.
China has announced a support package for its sluggish economy , easing the burden of debt repayment on local governments and signaling that further stimulus measures are underway.
Nitesh Shah, commodity strategist at WisdomTree, said: "Clearly, the market is disappointed; they want more from China. Expectations were very high and there was a lot of praise from officials for fiscal support, but the market is becoming increasingly impatient."
Investors are concerned about threats from incoming US President Donald Trump to impose tough tariffs on China, which could reduce demand for metals.
"My interpretation of today's announcement is that instead of announcing a large stimulus package first, China is waiting to see what trade restrictions will come and holding back some cash to stimulate at that time," Shah added.
The most actively traded December copper contract on the Shanghai Futures Exchange (SHFE) closed up 1.5% at 77,100 yuan ($10,753) per ton ahead of the announcement of China's stimulus package.
"The 6 trillion (yuan) announced today to immediately address domestic debt, compared to the initially projected 12 trillion, has sent markets tumbling," said an Asian trader.
Weekly data showing that copper inventories at SHFE warehouses have fallen by about 9% has helped offset losses, a sign that demand is improving.
Among other metals, LME aluminum prices fell 2.1% to $2,638.50 per ton, zinc prices dropped 2.2% to $2,986, nickel prices declined 1.1% to $16,410, tin prices fell 0.6% to $31,630, while lead prices rose 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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