Copper metal price on October 16: continues to decline

Three-month copper on the London Metal Exchange (LME) CMCU3 fell 1.2%.

Three-month copper on the London Metal Exchange (LME) CMCU3 fell 1.2% to $9,547 a tonne, hitting a three-week low.

The most-traded November copper contract on the Shanghai Futures Exchange (SHFE) SCFcv1 fell 1.3% to 76,520 yuan ($10,747.34) a tonne.

The dollar was near its highest in more than two months, making commodities priced in the greenback more expensive for holders of other currencies.

The latest data from China, including trade and new lending figures for September, missed expectations, while another report showed producer price deflation worsened.

China pledged on Saturday to “significantly increase” debt, but did not provide specifics on the size or timing of the bailout.

“Investors will be watching how Chinese policymakers navigate their economic playbook,” said Kelvin Wong, senior market analyst for Asia Pacific at OANDA. “If we get a clear number on the size of the stimulus package and not just a repeat, copper prices could rally.”

The focus is now on the National People's Congress Standing Committee meeting scheduled for later this month, with local media reporting that Beijing could raise another $850 billion in three-year treasury bonds.

Freeport Indonesia has suspended copper cathode production at its Manyar smelter after a fire, its chief executive said.

SHFE aluminum SAFcv1 fell 1.3% to 20,605 yuan/t, nickel SNIcv1 fell 1.9% to 132,680 yuan, zinc SZNcv1 fell 2.1% to 24,955 yuan, lead SPBcv1 fell 1.6% to 16,505 yuan and tin SSNcv1 fell 1.5% to 264,110 yuan.

LME aluminium CMAL3 fell 1.4% to $2,557 a tonne, nickel CMNI3 lost 1.4% to $17,415, zinc CMZN3 fell 2.1% to $3,018.5, lead CMPB3 fell 1% to $2,043.5 and tin CMSN3 fell 1% to $32,125.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-16-10-tiep-da-giam.html