Copper metal price on July 29: continued to decrease

Three-month copper on the London Metal Exchange fell 0.1%.

Three-month copper on the London Metal Exchange (LME) fell 0.1% to $9,107 a tonne. Copper prices fell 2.2% for the week.

Many Chinese copper consumers have returned to the market after two months of gloom, attracted by prices that have fallen 17.8% from a record high in May.

Copper inventories at warehouses monitored by the Shanghai Futures Exchange (SHFE) fell to a two-month low of 301,203 tonnes, data showed.

“Consumers have been waiting for this drop for a while,” said Tom Price, director of commodity strategy at Liberum.

Price said he expects this reduced physical buying activity from users to support prices in the short term around $9,000.

“But we still see some downside, with expectations of a quieter second half,” he added.

This month, China reported weaker-than-expected economic growth and investors were disappointed after a key leadership meeting aimed at policy continuity rather than any structural change.

The US Federal Reserve's monetary policy meeting on July 31 is also in focus, with investors looking for clues about interest rate cuts that market participants widely expect to begin in September.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-29-7-tiep-tuc-giam.html