Three-month copper on the London Metal Exchange (LME) fell 2% to $9,141 a tonne, after hitting its weakest since September 11 at $9,115.
US President Donald Trump is expected to pick Senator Marco Rubio as secretary of state, arguably the toughest pick on Trump's shortlist and a supporter of a tough policy toward China, sources said.
“Trump has not backed away from the idea of imposing tariffs on China,” said Tom Price, head of commodity strategy at Panmure Liberum. “That would really hurt that economy because it is vulnerable now, not as strong as it was in 2018/19. We are also now entering a seasonal low point for Asian and Chinese metals demand.”
The most-traded December copper contract on the Shanghai Futures Exchange (SHFE) fell 1.6% to 75,310 yuan ($10,406.82) a tonne.
Adding to the market gloom is investor disappointment over the scale of China's stimulus measures.
A rising US dollar also weighed on the metal, hitting a four-month high against a basket of major currencies as investors continued to pile into trades seen as benefiting from the Trump administration.
A stronger dollar makes metals priced in greenbacks more expensive for buyers using other currencies.
LME aluminium fell 1.1% to $2,558.50 a tonne, nickel fell 0.7% to $15,995 and zinc fell 1.8% to a seven-week low of $2,925.50.
Tin fell 4.3% to $29,950, its weakest in more than three months, while lead edged up 0.1% to $2,024.
Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-13-11-giam-xuong-muc-thap-nhat.html
Comment (0)