hit a monthly high

Three-month copper on the London Metal Exchange (LME) rose 0.5%.

Three-month copper on the London Metal Exchange (LME) rose 0.5% to $9,121 a tonne, after touching $9,145, its highest since Dec. 12.

“The overall picture looks a little bit bearish, but China actually looks good in terms of demand for base metals at the moment, so that could help push prices up a little bit,” said Dan Smith, director of research at Amalgamated Metal Trading.

The most-traded February copper contract on the Shanghai Futures Exchange (SHFE) rose 0.8% to 75,270 yuan ($10,264.73) a tonne.

China’s stronger demand was highlighted by a spike in the premium paid to SHFE prices to buy copper on the spot market to 145 yuan, the highest since September and compared with a discount of 40 yuan on December 30.

“The other thing is that inflation fears are rising, so that should be good for metals in general,” Smith added.

Copper rose slightly on fund buying, but tariff concerns limited gains. Investors often turn to commodities as a hedge against rising prices.

US Comex copper futures rose 0.5% to $4.33 a lb, or $9,546 a tonne, a premium of $425 a tonne over the LME.

Comex prices reflect investors trying to price in the impact of higher tariffs that U.S. President-elect Donald Trump has vowed to impose on China and other countries.

Also helping support the base metal was a slightly weaker dollar index, taking a breather from recent strength supported by rising bond yields and expectations of another batch of strong U.S. jobs data later on Friday.

A weaker dollar makes it cheaper for holders of other currencies to buy commodities priced in the greenback.

Among other metals, LME aluminium rose 1.6% to $2,579 a tonne, nickel rose 0.1% to $15,490, zinc rose 1.6% to $2,894, lead rose 2.2% to $1,969 and tin rose 0.8% to $30,100.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-11-1-cham-muc-cao-nhat-trong-thang.html