reached its highest level in 3 weeks.

The October copper contract on the Shanghai Futures Exchange (SCFcv1) rose 2.2%.

The most actively traded October copper contract on the Shanghai Futures Exchange (SHFE), SCFcv1, rose 2.2% to 75,170 yuan ($10,559.22) per ton, after climbing to a high of 75,180 yuan, its highest level since August 1.

CRU analyst He Tianyu said copper bar manufacturers have increased their orders following recent price drops and as their downstream customers—grid companies—increased output to meet annual production targets. The power sector is one of the largest consumers of copper.

China's peak consumption season, which typically begins in mid-September, could be disrupted if prices fall back to $10,000/tonne on the LME or 80,000 yuan/tonne on the SHFE.

SHFE aluminum SAFcv1 rose 0.5% to 19,925 yuan/tonne, after earlier reaching 19,990 yuan, its highest level since July 16, amid supply concerns and expectations of a US interest rate cut.

On Friday, Federal Reserve Chairman Jerome Powell confirmed that interest rate cuts are imminent, which could support demand for metals and put pressure on the dollar, making metals priced in greenbacks cheaper for holders of other currencies.

SHFE zinc reached its highest level since July 16th at 24,225 yuan/tonne. SSNcv1 tin fell 0.2% to 266,290 yuan but remained near a one-week high.

China's Yunnan Tin Company, the world's largest producer of refined tin, began maintenance on its smelting equipment on August 25th, a process expected to last up to 45 days.

Nickel prices SHFE SNIcv1 rose 1.5% to 131,350 yuan and lead prices SPBcv1 rose 2.5% to 17,830 yuan.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-27-8-dat-muc-cao-nhat-trong-3-tuan.html