Copper continued to decline on Monday, reaching its lowest level since mid-April, as commodity price rallies and the U.S. After China restricts signals from the Federal Reserve, it will tighten monetary policy sooner than expected.
On the London Metal Exchange (LME), benchmark copper fell 0.4% to $ 9,108.50 a tonne, hitting $ 9,011 at 1051 GMT.
Metals used in electricity and construction rose to 10,474.50 in May. Prices down by 8.6% last week.
“We saw above, and the trend is negative,” said Commerce Bank analyst Daniel Priceman, who predicts that prices will average $8,000- $8,500 in the third quarter of the year.
Stocks / Dollar / Yuan:
The central bank’s change has hit the dollar with dangerous assets, bringing metals to higher prices for buyers who use other currencies. Global stocks hit a four-week low on Monday, while China’s yuan fell sharply.
China Deactivation:
The future of iron ore in Asia is declining, starting with Chinese officials in the spot trade investigation.
This study is the latest move by China to cover up rising commodity prices. Last week, it said it was selling industrial metals, including copper, from its national reserves.
Copper rose nearly 150% from March 2020 to May 2021 as speculators bet on the need for infrastructure and electrification.
Status:
Brokers Marex Spectron said speculators had reduced their net long-term position on LME Cymbal by 10% into active contracts by Thursday. Net length in Comex futures is much shorter than it was in June 2020 this year.
China Release:
China’s copper, alumina, lead, and zinc production increase in May.
Framework:
A bipartisan U.S. infrastructure project worth more than $ 1 trillion is gaining support in the Senate.
Further metals:
LME aluminum was fall 0.6% at $ 2,830.50, zinc was up 0.3% at $ 2,830.50, nickel was up 1.1% at $ 17,335, lead was up 0.2% at $ 2,162 and tin was fall 0.6% at $ 29,690.
