Three-month CMCU3 copper on the London Metal Exchange (LME) fell to $9,587 a tonne, its lowest since April 18. It last traded down 0.5% at $9,689 a tonne, having lost 13% from its record high of $11,104.50 hit in May.
“Some copper users came back to buy at $9,600-$9,700 but many canceled this morning after the Chinese data was released. They are waiting to see if the price will fall further,” a trader said.
The demand outlook for industrial metals was clouded by the latest data from China, where industrial output growth slowed to 5.6% in May, below forecasts of 6%.
A slumping property market, high local government debt and deflation remain top concerns in the world's second-largest economy .
Copper stocks also rose on lackluster demand, with 4,050 tonnes delivered to LME-registered warehouses, mainly in Asian locations, exchange data showed.
There was also a large inflow of lead, with 9,600 tonnes being brought into storage in Singapore, pushing inventories to a four-week high after falling by more than a third since April. CMPB3 lead was last up 1% at $2,160.50 a tonne.
Among other metals, aluminum fell 0.8 percent to $2,498 a tonne after China said it produced 3.65 million tonnes of aluminum in May. Output was close to a 10-year high.
LME nickel CMNI3 lost 0.6% to $17,475 a tonne and tin CMSN3 fell 0.6% to $32,125 while zinc CMZN3 rose 1.8% to $2,816.50.
Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-18-6-cham-muc-thap-nhat-trong-8-tuan.html
Comment (0)