Slight decrease due to increased inventories

Three-month CMCU3 copper futures on the London Metal Exchange (LME) fell 0.4%.

Three-month CMCU3 copper on the London Metal Exchange (LME) was down 0.4% at $9,627 a tonne after falling 1.5% on Tuesday.

Copper turned positive earlier in the day after the dollar index fell to a four-month low, while other metals also gained.

The dollar's move was largely driven by a rise in the yen, which traders suspect is the result of another intervention from the Japanese government.

Comments from US Federal Reserve officials saying a rate cut is coming closer also put pressure on the dollar.

A weaker dollar makes commodities priced in US currency cheaper for buyers using other currencies.

However, copper later fell back into the red due to persistent concerns about lackluster demand in top metals consumer China.

Investors are awaiting policy news from the ruling Communist Party's third plenum, which is due to conclude on Thursday, after weak economic data from the world's second-largest economy.

“All the (stimulus) measures so far have not been effective. The Chinese government needs to step in with more domestic policy support,” said Nitesh Shah, commodity strategist at WisdomTree.

Al Munro at Marex said some traders were running what is known as a relative value trade, buying gold at record highs and selling copper.

Also weighing on copper prices are rising inventories, highlighting the oversupply in the market. LME shares have nearly doubled since the start of June, climbing to their highest level since September 2021.

Lead CMPB3 was the biggest gainer on the LME, hitting a one-week high of $2,224.50 a tonne after data on Wednesday showed LME stocks available or under warranty fell by 18,675 tonnes to a one-month low. It was last trading up 0.3% at $2,189.50.

Among other metals, aluminium CMAL3 LME rose 0.2% to $2,409.50 a tonne, zinc CMZN3 fell 1.3% to $2,846.50, nickel CMNI3 fell 0.7% to $16,470 and tin CMSN3 fell 0.8% to $32,900.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-18-7-giam-nhe-do-ton-kho-tang.html