Three-month copper futures on the London Metal Exchange (LME) CMCU3 fell 0.2% to $9,791 per ton, while the most actively traded August copper futures contract on the Shanghai Futures Exchange (SHFE) SCFcv1 declined 0.4% to 79,300 yuan ($10,914.90).
Copper inventories at LME-approved warehouses, Comex warehouses, bonded warehouses in China, and warehouses designated by the Shanghai International Energy Exchange all increased in July, indicating weak demand.
Meanwhile, the Chinese economy grew much slower than expected in the second quarter, painting a picture of weak demand given that China accounts for about half of the country's annual copper demand.
However, the data still sustains expectations that Beijing will need to roll out more stimulus measures.
Speculative interest in copper also improved, evidenced by fund managers holding a net long position of 43,403 contracts in CME copper futures as of July 8th, the first increase since May 20th when copper reached record highs.
Meanwhile, copper demand in China has stabilized in recent weeks, as evidenced by an import premium of $3/tonne for the metal, compared to a low of $15 in May.
LME aluminum CMAL3 fell 0.3% to $2,454.50/tonne, zinc CMZN3 fell 0.3% to $2,946.50, tin CMSN3 fell 0.3% to $33,150, while nickel CMNI3 rose 0.4% to $16,770 and lead CMPB3 rose 0.1% to $2,190.
Aluminum SHFE SAFcv1 fell 1.1% to 19,820 yuan/tonne, nickel SNIcv1 fell 0.8% to 133,450 yuan, tin SSNcv1 fell 0.5% to 273,190 yuan, while zinc SZNcv1 rose 0.3% to 24,320 yuan and lead SPBcv1 rose 0.8% to 19,750 yuan.
Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-17-7-tiep-tiep-giam-do-nhu-cau-yeu.html
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