Three-month copper on the London Metal Exchange (LME) CMCU3 fell 0.2% to $9,234 a tonne, while the most-traded September copper contract on the Shanghai Futures Exchange (SHFE) SCFcv1 rose 0.2% to 73,770 yuan ($10,323.84) a tonne.
“The recent price increase is due to short covering,” said analyst Matt Huang at Hong Kong-based brokerage BANDS Financial, referring to bearish copper holders having to close their positions.
September open interest in copper fell to 67,000 lots from 107,000 lots a week ago, while the December contract rose by less than 10,000 lots, indicating little contract rollover, according to Huang.
“We don’t see any new long positions being opened. The market needs to see stronger signs of demand recovery in China,” Huang added.
China’s physical copper demand has improved slightly in recent weeks, with prices falling 4.4% in June and 3.9% in July. But a strong consumption recovery remains uncertain amid slowing economic growth and troubles in the country’s property sector.
A strike at Escondida, the world's largest copper mine, was also averted, easing supply concerns and putting pressure on copper prices.
The LME cash copper contract traded at a discount of more than $100/tonne to the three-month CMCU0-3 contract, suggesting ample supply ahead.
LME aluminium CMAL3 rose 0.5% to $2,457.50 a tonne, nickel CMNI3 rose 0.6% to $16,765, zinc CMZN3 edged up 0.3% to $2,796, tin CMSN3 rose 0.1% to $32,590 and lead CMPB3 rose 0.7% to $2,053.
SHFE aluminium SAFcv1 rose 1% to 19,685 yuan/t, nickel SNIcv1 rose 0.4% to 129,320 yuan, tin SSNcv1 rose 0.6% to 264,200 yuan, zinc SZNcv1 edged up 0.1% to 23,305 yuan while lead SPBcv1 fell 0.1% to 17,640 yuan.
Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-21-8-giam-do-lo-ngai-ve-nhu-cau.html
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