Copper metal price today August 23 increased again

Three-month copper on the London Metal Exchange (LME) rose 0.1%.

The most-traded September copper contract on the Shanghai Futures Exchange (SHFE) rose 0.2% to 73,880 yuan ($10,359.24) a tonne.

Three-month copper on the London Metal Exchange (LME) rose 0.1% to $9,264.50 a tonne.

“The macroeconomic backdrop is not as bleak as recently feared. Fundamentals are also showing signs of improvement,” said ANZ analyst Soni Kumari, referring to potential cuts in copper, aluminum, nickel and zinc production.

Earlier this month, concerns about an impending US recession weighed on LME copper, which fell to its lowest since March at $8,714 a tonne. But cheaper metal prices have boosted physical demand and more positive US data recently has eased fears of a hard landing.

“The falling inventories indicate a tighter market. Downstream demand is also showing signs of improvement for copper and aluminum,” Kumari said.

SHFE copper inventories fell 8% last week, the biggest weekly decline since December last year. LME inventories have also fallen recently.

SHFE zinc rose as much as 1.7% to 23,795 yuan a tonne, its highest since July 18. LME zinc rose as much as $2,870 a tonne, a level not seen since July 17.

Chinese zinc smelters are discussing possible output cuts after tight ore concentrate supplies forced spot processing fees into negative territory.

"Chinese zinc smelters are currently suffering huge financial losses with such low processing fees and some smelters unable to obtain enough concentrate have had to cut production," said CRU analyst Dina Yu.

LME nickel fell 0.9% to $16,755 a tonne, while tin rose 0.3% to $32,805, aluminium rose 0.3% to $2,493.50 and lead rose 0.3% to $2,092.

SHFE aluminium rose 0.6% to 19,870 yuan/tonne, tin rose 1.1% to 267,170 yuan while nickel fell 1.7% to 128,700 yuan and lead fell 0.8% to 17,480 yuan.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-23-8-tang-tro-lai.html