China copper metal price today 16/7 slightly decreased due to prolonged recession

Three-month copper on the London Metal Exchange CMCU3 fell 0.4%.

Three-month copper on the London Metal Exchange (LME) CMCU3 fell 0.4% to $9,833.50 a tonne, while the most-traded August copper contract on the Shanghai Futures Exchange (SHFE) SCFcv1 was 0.4% higher at 79,490 yuan ($10,944.81) a tonne.

China's economy grew much more slowly than expected in the second quarter, as a prolonged property downturn and joblessness hit domestic demand.

Data also showed strong increases in non-ferrous metal output, including a near decade-high in aluminum output in June.

Rising output coupled with weak demand in China led to high domestic inventories, dragging down metal prices.

Although SHFE copper inventories showed a slight decline on Friday, they remain well above seasonal benchmarks, analysts at ING said.

LME copper has lost 10% since hitting a record high in May.

Regardless, Monday’s data bolstered investors’ bets on more stimulus. China’s Communist Party will hold a key meeting this week focused on the country’s property and consumption crisis.

A stronger dollar also puts pressure on prices, making commodities priced in the greenback less attractive to buyers using other currencies.

U.S. bond futures slid and the dollar rose on Monday as investors bet that an attack on U.S. presidential candidate Donald Trump made his victory more likely, while injecting a whole new level of political uncertainty into markets.

LME aluminium CMAL3 fell 0.5% to $2,468 a tonne, tin CMSN3 fell 0.7% to $33,465 and lead CMPB3 fell 0.6% to $2,196, while nickel CMNI3 fell 0.2% to $16,820, zinc CMZN3 edged down at $2,943.

SHFE aluminum SAFcv1 fell 0.7% to 19,940 yuan/t, lead SPBcv1 rose 0.4% to 19,595 yuan, nickel SNIcv1 rose 0.5% to 134,330 yuan. Zinc SZNcv1 fell 0.3% to 24,235 yuan and tin SSNcv1 fell 1.5% to 274,140 yuan.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-16-7-giam-nhe-do-suy-thoai-keo-dai-tai-trung-quoc.html