Three-month copper on the London Metal Exchange (LME) CMCU3 fell 0.3% to $9,232 a tonne, while the most-traded September copper contract on the Shanghai Futures Exchange (SHFE) SCFcv1 rose 0.2% to 73,870 yuan ($10,352.61) a tonne.
The dollar index edged up 0.2%, recovering from a near eight-month low hit as hopes of a U.S. interest rate cut faded. A stronger dollar makes the greenback-denominated metal more expensive for holders of other currencies.
However, there is a limit to the fall in metal prices.
"The macro-economic backdrop is not as bleak as recently feared. Fundamentals are also showing signs of improvement," said ANZ analyst Soni Kumari, referring to possible output of copper, aluminum, nickel and zinc.
“Inventories are falling and the futures contango curve is narrowing… indicating a tighter market. Downstream demand is also showing signs of improvement for copper and aluminum,” she added.
SHFE zinc SZNcv1 rose as much as 1.7% to 23,780 yuan a tonne, its highest since July 18. LME zinc CMZN3 rose as much as $2,870 a tonne, a level not seen since July 17.
Chinese zinc smelters are discussing possible output cuts after tight supplies of concentrates sent spot processing fees into negative territory.
"Chinese zinc smelters are currently suffering huge financial losses with such low processing fees and some smelters are unable to obtain enough concentrate and have had to cut production," said CRU analyst Dina Yu.
LME nickel CMNI3 fell 0.7% to $16,790 a tonne, tin CMSN3 fell 0.1% to $32,650 while aluminium CMAL3 was almost flat at $2,486.50 and lead CMPB3 rose 0.1% to $2,087.
SHFE aluminium SAFcv1 rose 0.5% to 19,850 yuan/t, tin SSNcv1 rose 0.6% to 265,740 yuan while nickel SNIcv1 fell 1% to 129,630 yuan and lead SPBcv1 fell 0.7% to 17,490 yuan.
Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-24-8-giam-do-dong-usd-manh-hon.html
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