The price of copper resigned on Friday due to concerns about demand in China after the inventory rose and uncertainty over the possibility of US tariffs.
Hg1 Copper Three Months! In the London Metal Exchange (LME) dropped 0.5% at $ 9,515 per metric ton 1100 GMT, after touching the highest level in three months a week ago.
Copper inventory in the warehouse monitored by the Shanghai Futures Exchange (SHFE) rose 13% over the past week, the data showed on Friday, after jumping by 162% since the end of January.
Stocks increased in China in a seasonal basis around the Lunar New Year holidays, but the data added to be wrong about China’s demand after the data earlier this week showed the price of a new home stopped in January.
The Chinese property sector is the main demand for industrial metals.
Shfe Copper Hg1! down 0.5% to 77,000 yuan per ton.
“In China, the price of houses is still enough garbage and demand rises on copper after a lightweight New Year holiday. People say that it is detained a little at a higher price, “said and Smith, the head of research at Amalgamated Metal Trading.
LME copper price has risen 9% this year.
“The end of the war in Ukraine as a whole will be very bullish, but then compensate for all Trump’s turmoil around the tariff. So you have two dynamics that are very difficult to measure, “added Smith.
US President Donald Trump said he would reveal new tariffs over the next month or faster, adding wood and forest products to previous plans for duties in imported cars, semiconductors, and medicines.
The stronger Dxy dollar also burdens metal, making commodities valued in US currencies more expensive for buyers using other currencies.
Among the other metals, LME Aluminum Ali1! down 0.8% to $ 2,704 per ton, nickel nickel1! Lost 1.1% to $ 15,500, Seng Znc1! Loosen 0.7% to $ 2,899, Lead Lead1! Slipping 0.2% to $ 1,988 and Tin Ftin1! down 0.2% at $ 33,345.
Source: Reuters
