Copper futures for delivery in three months on the London Metal Exchange fell 0.3% to $9,456 per ton after reaching a high of $9,684.50, the highest since November 7.
Data showed that US retail sales fell the most in nearly two years in January, indicating a sharp slowdown in economic growth at the start of the first quarter.
Meanwhile, new bank loans in China surged more than expected to a record high in January as the central bank acted to support the uneven economic recovery, bolstering expectations of more stimulus in the coming months.
The contract for next week, amid expectations that US tariffs will be imposed on the currency, triggered a sharp move in the key price differential on Friday.
Concerns that U.S. President Donald Trump might impose tariffs on copper prompted traders and investors to buy copper on the U.S. COMEX exchange and sell on the LME.
Short or bearish positions on the LME are being cut or extended ahead of settlement on Wednesday, turning the discount on nearby copper contracts compared to those further into maturity into a premium or price offset.
The spread between the LME cash contract and the benchmark three-month futures contract has surged to a premium for the first time in 19 months. Prices jumped to $249 per ton, the highest level since November 2021, compared to a discount or offset of $119 two days earlier.
A price offset indicates a shortage or concern about supply within the LME's inventory system.
Alastair Munro, senior EMEA base metals strategist at brokerage firm Marex, said the surge in spreads was driven by long positions before being cashed out.
"But the entire maturity structure is changing," he said, adding that China had sold off its inventory during the Lunar New Year holiday.
Munro added that concerns surrounding various U.S. tariff plans and the possibility of easing sanctions against Russia also played a role.
Copper prices on the COMEX surged as investors sought to price in relation to potential tariffs, with the COMEX-LME spread at $1,050 per ton on Friday, down from a record high of $1,153 the day before.
"People are pulling metals out of the LME system to ship them to the U.S," said Dan Smith, research director at Amalgamated Metal Trading.
Copper inventories at COMEX-certified warehouses have doubled in less than three weeks, from 98,049 tonnes on January 27 to 230,281 tonnes.
LME aluminum rose 1.3% to $2,637 per ton. Among other metals, zinc fell 0.1% to $2,842 per ton and tin rose 2.3% to $32,595. Zinc reached its highest level since January 22nd, while tin reached its highest level since October 16th. Lead edged down 0.1% to $1,985.50 and nickel rose 0.6% to $15,460.
Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-17-2-giam-sau-khi-dat-muc-cao-nhat.html
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