Copper metal price on November 12: continues to decrease

The most-traded copper in three months on the London Metal Exchange (LME) fell 0.4%.

The most-traded copper in three months on the London Metal Exchange (LME) fell 0.4% to $9,401 a tonne.

Chinese banks extended 500 billion yuan ($69.51 billion) in new yuan loans last month, much slower than forecasts of 700 billion yuan.

Total social financing (TSF), closely watched by metals analysts as a key gauge of metals demand, also slowed to a record low of 7.8%.

Slow corporate borrowing in China has sent a negative signal for metals consumption, said Dan Smith, director of research at Amalgamated Metal Trading.

“The market has been volatile since last week’s US election and is now consolidating fundamentals. US policy may boost investor sentiment, but China policy drives demand,” Smith said.

While China is tackling hidden debt and pushing stimulus, this is not fueling more optimism, he added.

Another indicator of the strength of China's economy will be home price data due out this Friday.

Among other metals, aluminium fell 0.9% to $2,597 a tonne. The light metal had surged to a five-month high last week due to disruptions in supplies of bauxite and alumina, raw materials for primary aluminium production.

The most-traded alumina contract on the Shanghai Futures Exchange (ShFE) for January delivery hit a new record high. Zinc rose 1% to $3,009, nickel fell 1% to $16,225, lead rose 0.4% to $2,032 and tin rose 0.5% to $31,800.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-12-11-tiep-tuc-giam.html