As of July 10, copper prices reversed and declined on both major metal exchanges. Specifically, the three-month copper contract on the London Metal Exchange (LME) fell by 0.6%, closing at $9,615 per ton.
Similarly, on the Shanghai Futures Exchange (SHFE), the August copper contract also recorded a 0.7% decrease, falling to 78,220 yuan per ton (equivalent to $10,855.33 per ton). This simultaneous decline indicates growing selling pressure in the global metals market.
The main reason behind the drop in copper prices is the strengthening of the US dollar. The US dollar index surged after US jobs data was released, which was better than expected. The report showed that job growth in the US accelerated in June, raising concerns that the Federal Reserve (Fed) might delay interest rate cuts.
A stronger USD makes dollar-denominated metals more expensive for holders of other currencies, thereby reducing demand. This development highlights the importance of monitoring macroeconomic indicators for industries that use metals. Understanding the role of aluminum in mechanical engineering helps businesses strategize their inventory and production more effectively.
It's not just copper; other industrial metals also saw fluctuations. The price of aluminum on the LME fell by 0.3% to $2,565 per ton. This metal has numerous applications of aluminum in daily life and manufacturing, from construction to aerospace. Popular alloys like 6061 aluminum are also affected by general market fluctuations.
Meanwhile, some other metals showed mixed results. LME zinc prices rose by 0.2% to $2,928 per ton, and LME lead increased by 0.3% to $2,230 per ton. Conversely, LME nickel fell by 0.5% to $17,650 per ton, and LME tin decreased by 0.2% to $32,500 per ton. To ensure quality, metal sheet and plate products often must adhere to strict regulations such as the ASTM B209 standard.
Source: Compiled from kinhtedothi.vn
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