Three-month copper on the London Metal Exchange (LME) fell 0.6% to $7,110 a tonne after rising more than 1% on Wednesday. Copper has traded in a range of around $7,000 to $7,500 since August.
The metal was boosted on Wednesday by surprisingly strong trade activity from China, with import growth hitting a six-month high in January.
The data built on rising risk appetite after Federal Reserve Chair Janet Yellen said the US central bank would not tighten monetary policy abruptly.
However, some investors remain skeptical about the pace of growth in the world’s largest metals consumer. “Copper’s gains appear to be limited by concerns about a slowing Chinese economy ,” said Robin Bhar, an analyst at Societe Generale in London.
“When you look at the trade data, you have to ask yourself whether China is importing metals for practical use or as a financial instrument. We believe it is mainly for short-term financing,” he said.
China's copper imports rose 53.2% in January from a year earlier to a record high after tightening credit conditions late last year stimulated import demand.
Financiers can import copper to sell on the domestic market, raising cash to invest more profitably elsewhere.
Checking copper's decline, daily inventory data from the LME showed stocks in exchange-listed warehouses fell to 300,675 tonnes, the lowest since December 2012.
Signs of a shortage of refined metals are also evident in the LME futures spread, with cash copper trading at a $43/tonne premium to the benchmark contract.
Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-22-6-truot-gia-do-lo-ngai-ve-trung-quoc.html
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