Three-month copper on the London Metal Exchange (LME) fell 1.2% to $9,112 a tonne, after rising 2.8% in the previous session.
Traders said the increase was mainly due to investors taking profits from short positions to take advantage of the recent weakness.
LME copper has fallen 18% since hitting a record peak of $11,104.50 in May, pressured by concerns about weak demand in China.
Those concerns were compounded after surveys over the past two days showed the manufacturing sector faltering, with activity falling for the first time in nine months in July as factory owners struggled with weak demand.
Investors have been disappointed that China has not announced major stimulus measures to boost the economy .
"It's a guessing game for China. The data suggests they need to make a bolder move, make an announcement pretty soon. They had the Politburo meeting, which could have been a great opportunity to come out with something meaningful and bold, but they haven't really done that," said Nitesh Shah, commodity strategist at WisdomTree.
High inventories in exchange-approved warehouses are also weighing on the market, with LME copper volumes doubling since early June to their highest in nearly three years.
A stronger US dollar index also weighed on metal prices, making commodities priced in US dollars more expensive for buyers using other currencies.
Among other metals, LME aluminium fell 0.1% to $2,289 a tonne, zinc fell 0.2% to $2,671, lead fell 0.2% to $2,079.50, nickel fell 1.1% to $16,425 and tin fell 0.7% to $29,850.
Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-2-8-giam-do-hang-ton-kho-tang.html
Comment (0)