Base metals market 'quiet' after volatile trading session

Base metals prices rose sharply on August 6, a day after commodities markets were caught in a volatile global sell-off in risk assets.

Copper, aluminum and zinc prices all rose steadily after the panic earlier this week that wiped billions of dollars off the market. Investors are now watching to see whether the action on August 5, which ended with copper hitting its lowest level since March 2024, points to bigger trouble ahead.

Copper rose as much as 1.1% in early trade on August 6 before cooling to a slight gain, reaching $8,889.50 a tonne at 10:28 a.m. Shanghai time. Aluminum was flat and zinc fell 0.1%. Iron ore futures, which have mostly declined after the sell-off on August 5, were down 0.5% in Singapore.

The main headwind for metals markets in recent months has been China, where sluggish manufacturing and a sluggish housing market have dented investor confidence. In addition, there appear to be growing concerns that the US economy could see a hard landing.

After a strong "shake" in the first session of this week, the financial market in general also calmed down in the trading session on August 6, with the Japanese stock market rising sharply and the three key US stock indexes recovering.

According to Minh Trang/VNA

Source: https://doanhnghiepvn.vn/kinh-te/thi-truong-kim-loai-co-ban-lang-song-sau-phien-giao-dich-nhieu-bien-dong/20240806042037599