hit a three-week high

Three-month copper on the London Metal Exchange (LME) rose 0.9%.

Three-month copper on the London Metal Exchange (LME) rose 0.9% to $9,153 a tonne, its highest since Nov. 15.

News on Thursday that Chilean miners Antofagasta and Jiangxi Copper have agreed to significantly reduce copper concentrate processing fees for 2025 has highlighted lingering concerns about a shortage of copper concentrate in the spot market.

“Looking ahead to 2025, we will find smelters struggling to make profits at the new TC/RC (processing and mode fees) levels. Supply issues will start to emerge in the second half of 2025,” said Daria Efanova, research director at environmental firm Sucden Financial.

Some consultants closed positions before the end of the year and rising copper prices caused some buying by speculators, Efanova added.

LME copper was little changed as traders waited for fresh triggers. Although copper has fallen 10% since its four-month high of $10,158 on September 30, prices have since recovered to $8,904.

The market was also supported by steady declines in inventories on the Shanghai Futures Exchange (SHFE), which recorded a 10% drop in Friday's final weekly data row, bringing the total limit since the start of June up 71%.

The most-traded January copper contract on the SHFE closed 0.2% higher at 74,730 yuan ($10,293.25) a tonne and up 1% for the week.

The copper market is also focused on the US dollar, which has weakened recently, making the commodity cheaper for buyers using other currencies, Efanova said.

Among other metals, LME aluminium fell 0.9% to $2,616 a tonne, zinc fell 0.7% to $3,096.50, lead fell 0.2% to $2,094, while nickel rose 0.6% to $16,065 and tin rose 0.6% to $29,335.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-7-12-dat-muc-cao-nhat-trong-ba-tuan.html