hit a 10-day high

Three-month copper on the London Metal Exchange rose 1.2%.

Three-month copper on the London Metal Exchange (LME) hit $9,088 a tonne early in the day, breaking both its 200-day and 21-day moving averages. It was trading up 1.2% at $9,083.

“The turnover in copper and aluminium has been significantly lower,” said Alastair Munro, senior base metals strategist. Copper surged to an all-time high in late May on speculation, but many funds have pulled back and shifted away from metals to gold and oil, he said.

Trading volume so far this week for copper is 58,714 lots, compared to 180,788 lots in the week to May 17.

The potential for supply disruptions in Chile is also at the forefront. Union workers at Escondida, the world’s largest copper mine, have rejected a request from operator BHP to suspend a strike. BHP has yet to provide an estimate of the impact on production.

Munro said it would take time for the market to factor in any significant reduction in physical supply due to the strike.

LME aluminium rose 0.8% to $2,347 a tonne, lead rose 2% to $2,049, zinc rose 1.6% to $2,758.5, tin rose 0.6% to $31,620 and nickel rose 0.8% to $16,400.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-16-8-dat-muc-cao-nhat-trong-10-ngay.html