Three-month copper on the London Metal Exchange (LME) fell 0.5% to $9,180 a tonne.
LME copper had gained 6% in January through Monday, when it hit a one-month high.
“I think what we’re seeing is a little bit of profit taking, consolidation of the recent rally,” said Dan Smith, director of research at Amalgamated Metal Trading.
Financial markets are awaiting details after Trump said he could impose a 10% tariff on imports from China from February 1, the same day he announced earlier that Mexico and Canada would face tariffs of around 25%.
Smith said the pullback is likely to be short-lived and he is bullish on copper and other base metals this year. He added that AMT’s model for copper, which seeks to replicate the algorithmic trading models used by computer-driven funds, is likely to flip from bullish to bearish in the short term, largely due to diminishing momentum.
The most-active copper contract on the Shanghai Futures Exchange fell 0.8 percent to 74,960 yuan ($10,291.76) a tonne.
Another factor weighing on the market is a stronger US dollar, which makes commodities more expensive for buyers using other currencies.
Among other metals, LME aluminium fell 0.7% to $2,615.50 a tonne, nickel fell 0.8% to $15,590, zinc fell 1.9% to $2,845.50, lead fell 0.2% to $1,964 and tin fell 0.2% to $30,200.
Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-24-1-tiep-tuc-giam-2-ngay-lien-tiep.html
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