Three-month copper on the London Metal Exchange fell 0.3 percent to $9,456 a tonne after hitting its highest since Nov. 7 at $9,684.50.
Data showed US retail sales fell by the most in nearly two years in January, suggesting economic growth slowed sharply at the start of the first quarter.
Meanwhile, new bank loans in China rose more than expected to a record high in January as the central bank moved to support an uneven economic recovery, bolstering expectations for more stimulus in coming months.
Next week’s contract amid expectations that US tariffs will be imposed on copper sparked a sharp move in the key spread on Friday.
Concerns that US President Donald Trump could impose tariffs on copper have prompted traders and investors to buy copper on the US COMEX exchange and sell on the LME.
Short or bearish positions on the LME are being trimmed or rolled over ahead of Wednesday's settlement, turning the discount for nearby copper contracts relative to contracts further in time to expiry into a premium or price offset.
The spread between the LME cash copper contract and the benchmark three-month futures contract widened to a premium for the first time in 19 months, with prices jumping to $249 a tonne, the highest since November 2021, compared with a discount or premium of $119 two days ago.
A price offset indicates a shortage or supply concern in the LME's warehouse system.
The spike in spreads was driven by short-selling ahead of cash pricing, said Alastair Munro, senior EMEA base metals strategist at brokerage Marex.
“But the whole term structure is changing,” he said, adding that China had sold off its inventories during the Lunar New Year holiday.
Uncertainty around various US tariff plans and the potential easing of Russian sanctions also played a role, Munro added.
COMEX copper prices jumped as investors sought to price in potential tariffs, with the COMEX premium to the LME at $1,050 a tonne on Friday, down from a record high of $1,153 a day earlier.
“People are pulling metals off the LME system to ship to the US,” said Dan Smith, director of research at Amalgamated Metals Trading.
Copper inventories in COMEX-certified warehouses have doubled in less than three weeks, from 98,049 tonnes on January 27 to 230,281 tonnes.
LME aluminium rose 1.3% to $2,637 a tonne. Among other metals, zinc fell 0.1% to $2,842 a tonne and tin rose 2.3% to $32,595. Zinc hit its highest since Jan. 22 while tin hit its highest since Oct. 16. 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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