Three-month copper on the London Metal Exchange (LME) CMCU3 rose 0.2% to $9,891 a tonne. September futures on the Comex (CME) HGc3 rose 1.0% to $4,622 a pound, or $10,190 a tonne.
“CME arbitrage is the main driver of copper price volatility today,” said Al Munro, a broker at Marex. Arbitrage trades exploit regional price differences for the same commodity.
A speculative-driven rally sent copper futures on both the Comex and LME to record highs in May, driven in part by a Comex short squeeze.
LME copper, used in power and construction, has fallen 11% since hitting a record high of $11,104.50 on May 20, with stocks in LME-registered warehouses at their highest since October 2021.
However, copper inventories in CME warehouses have seen more outflows since May before stabilizing at around 9,000 tonnes, down 70% since March.
Meanwhile, concerns about demand for top metals consumer China weighed on copper on Wednesday after China’s June inflation data missed expectations and producer price deflation persisted.
Investors are watching for hints on policies to address a lingering property crisis, weak domestic demand and a sliding yuan.
There were also signs that China's top copper smelters expect supply shortages of pure copper, used in the production of refined copper, to ease in the coming months as they agreed on third-quarter price guidance for processing fees above current spot prices.
LME aluminium CMAL3 fell 0.6% to $2,482 a tonne, zinc CMZN3 rose 1.1% to $2,962.50, lead CMPB3 fell 0.6% to $2,179, while nickel CMNI3 lost 1.7% to $16,840.
CMSN3 rose 2.3% to $35,080 after hitting $35,150, its highest since May 20.
Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-11-7-tang-lan-dau-tien-sau-ba-phien.html
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