Three-month CMCU3 futures on the London Metal Exchange (LME) fell 0.4% to $9,627 per ton after a 1.5% drop on Tuesday.
Copper moved into positive territory earlier in the day after the USD index fell to a four-month low, while other metals also rose in price.
The volatility of the USD is largely due to the appreciation of the yen, which traders suspect is the result of another intervention from the Japanese government.
Comments from Federal Reserve officials suggesting that interest rate cuts are imminent are also putting pressure on the US dollar.
A weaker dollar makes goods priced in the U.S. cheaper for buyers using other currencies.
However, copper subsequently fell into the red due to persistent concerns about weak demand in China, the metal's top consumer.
Investors are awaiting policy news from the third plenary session of the ruling Communist Party, scheduled to conclude on Thursday, following weak economic data from the world's second-largest economy.
Nitesh Shah, commodity strategist at WisdomTree, said: “All the measures (towards stimulus) so far have been ineffective. The Chinese government needs to be more involved in domestic policy support.”
Al Munro at Marex said some traders are engaging in what he calls "relative value trading," buying gold at record highs and selling copper.
Also putting pressure on copper prices is rising inventory, highlighting the oversupply in the market. LME shares have nearly doubled since the beginning of June, climbing to their highest level since September 2021.
Lead CMPB3 was the strongest performer on the LME, reaching a one-week high of $2,224.50 per ton after Wednesday's data showed LME inventories available or under warranty fell by 18,675 tonnes to a one-month low. It was last traded up 0.3% at $2,189.50.
Among other metals, LME aluminum CMAL3 rose 0.2% to $2,409.50/tonne, zinc CMZN3 fell 1.3% to $2,846.50, nickel CMNI3 declined 0.7% to $16,470, and tin CMSN3 dropped 0.8% to $32,900.
Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-18-7-giam-nhe-do-ton-kho-tang.html
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