Three-month copper on the London Metal Exchange (LME) fell 0.2% to $9,773 a tonne.
“For metals, the risk has receded recently, but that was necessary after a very strong move that was not justified at the time,” said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen.
Copper prices have fallen 12% since hitting a record high of $11,104.50 last month following a rally fueled by speculators and investment funds.
“Buyers will be hesitant until we see a clear rally above the psychological $10,000 level, which will be a tough sell,” Hansen said.
A stronger dollar weighed on metals, making commodities priced in U.S. dollars more expensive for buyers using other currencies.
Copper stocks in LME-registered warehouses have risen 28% over the past month to a four-month high.
That is partly responsible for the discount of the LME cash contract to the three-month contract in a market structure known as contango, which hit a near record high of $133 a tonne on Tuesday.
LME nickel fell 0.1% to $17,620 a tonne after sliding to its weakest since April 4 at $17,400. It is down about 2% this week.
Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-17-6-dong-nickel-dong-loat-giam.html
Comment (0)