plummeted to a new low

Three-month copper on the London Metal Exchange (LME) fell 1.1%.

Three-month copper on the London Metal Exchange (LME) fell 1.1% to $9,455 a tonne. The contract had fallen as low as $9,435.50 earlier in the session, a level not seen since Sept. 23.

“Many investors are becoming risk averse and deciding to put their money elsewhere,” said Panmure Liberum CEO Tom Price.

This asset shift is evident as copper and iron ore prices, which are closely linked to the Chinese economy, have come under pressure this month, while gold prices have continued to rise, he said.

The bearish sentiment on China, the top consumer of metals, persisted after the lack of fresh stimulus from a closely watched housing policy briefing on Thursday disappointed some investors, sending Chinese and Hong Kong stocks lower.

The real estate sector accounts for the bulk of industrial metals demand. “There have been a lot of big announcements but nothing has happened,” Price said.

China will release key economic data including third-quarter economic output, retail sales and home prices.

The dollar hovering near an 11-week high also made the metal expensive for holders of other currencies, pressuring their prices.

LME aluminium fell 0.9% to $2,561 a tonne, nickel fell 1.8% to $16,965, zinc fell 1.9% to $2,993.5, lead fell 0.6% to $2,072 and tin fell 2.6% to $31,300.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-18-10-giam-manh-xuong-muc-thap-nhat.html