up on the Shanghai Stock Exchange

The most-traded September copper contract on the Shanghai Futures Exchange rose 2.2%.

Three-month copper on the London Metal Exchange fell 0.3% to $9,118 a tonne after hitting a two-week high of $9,184.50 earlier in the session. The metal was set to snap five straight weekly losses, rising 2.8%.

The most-traded September copper contract on the Shanghai Futures Exchange (SHFE) closed up 2.2 percent at 73,930 yuan ($10,308.29) a tonne. The contract had earlier climbed to a two-week high of 74,080 yuan. The SHFE copper also posted its first weekly gain in six weeks.

A strike at mining giant BHP's Escondida mine in Chile, the world's largest copper mine that will account for nearly 5% of global supply by 2023, has raised concerns about supply disruptions.

“Copper bears are concerned about the mine’s long history of strikes,” said Sandeep Daga, director of the Metals Intelligence Center.

The 44-day strike in 2017 at Escondida sent copper prices soaring. There were other strikes in 2006, 2011 and 2015.

Exchange data showed that refined copper stocks at SHFE warehouses fell to 262,206 tonnes, the lowest since March 8.

Meanwhile, positive US retail sales and jobs data eased concerns about a possible recession in the country, which had pushed base metal prices down over the past three weeks.

“The one-sided metal rally (this week) caused some bears – who had built positions on the assumption that the global sell-off... could mark the start of a larger decline – to rush to close their trades,” Daga said.

LME aluminium fell 0.5% to $2,351 a tonne, tin fell 0.3% to $31,870, zinc fell 0.3% to $2,773.50, lead fell 0.4% to $2,025.50 and nickel fell 0.6% to $16,225.

SHFE aluminum rose 1.4% to 19,370 yuan/tonne, zinc rose 2% to 23,325 yuan, lead rose 1.7% to 17,795 yuan, tin rose 2.3% to 262,470 yuan while nickel fell 0.7% to 127,920 yuan.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-17-8-tang-tren-san-giao-dich-thuong-hai.html