Three-month copper on the London Metal Exchange fell 2.1% to $9,232 a tonne. The price of the metal hit its lowest level since June 21 at $9,131 after the New York market opened.
Copper prices fell to four-week lows on sentiment driven by a stronger dollar and worries about demand in China, the world’s top copper consumer, and plans to release copper and other industrial metals from storage. Chinese reserves.
Three-month copper futures on the London Metal Exchange (LME) fell 2.1% to $9,232 a tonne. The price of the metal hit its lowest level since June 21 at $9,131 after the New York market opened.
A trader said China’s demand and economy are slowing down, the USD is not helping and the Chinese authorities are planning to make market guarantees what they want.
A rising USD makes USD-denominated metals more expensive for holders of other currencies, which could reduce demand.
Copper imports in China fell for the third consecutive month in June, affecting the market. Market sentiment was also impacted by slower-than-expected GDP growth in the second quarter.
China will strengthen monitoring of commodity prices and continue to release copper, aluminum and zinc from state reserves, said China’s National Development and Reform Commission (NDRC).
Particularly on July 5, this agency auctioned 20,000 tons of copper, 50,000 tons of aluminum and 30,000 tons of zinc taken from the national reserve. The auction attracted 200 metalworking companies because the selling price was 3-9% lower than the market price.
Yuan Da, a spokesman for the NDRC, said that the discharge of metal stockpiles is aimed at reducing input costs for companies, in order to reduce price pressure. The NDRC also pledged to continue to strengthen supervision of the futures and spot markets, and strictly handle acts of hoarding and hoarding.
Copper prices were also pressured by copper inventories at the LME warehouse at 226,300 tonnes, more than double the level in mid-May.
Source: VITIC/Reuters
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