reached its highest level in two months.

The three-month copper contract CMCU3 on the London Metal Exchange (LME) rose 1.3%.

Three-month copper futures on the London Metal Exchange (LME) CMCU3 rose 1.3% to $9,518.50 per ton after hitting $9,586.5, its highest price since July 18, and encountering resistance from the 100-day moving average.

The US dollar has fallen, making dollar-denominated metals more attractive to buyers using other currencies, as the Fed began its easing cycle on Wednesday with a larger-than-usual half-percentage-rate cut.

Dan Smith, research director at Amalgamated Metal Trading, said: "There's a lot of debate about how to interpret the scale of this rate cut because you can see it in two ways. You could argue it's good news. On the other hand, the Fed felt the need to act quickly to support the economy and this signals that some weaknesses we're not yet aware of are coming. Right now, the bullish interpretation is prevailing (for the dollar)."

Smith also noted that some algorithmic computer models that place buy and sell orders primarily based on momentum signals have shifted into bullish mode.

However, the Chinese economy continues to send mixed signals for copper, as the construction sector, one of the metal's top consumers, is struggling, despite rising demand from the country's power sector.

The Chinese yuan closed near a 16-month high against the dollar on Thursday, amid hopes that the Fed's easing had allowed Beijing to freely pursue its own monetary policy.

With seasonal restocking ahead of China's Golden Week holiday in October, the import premium for Yangshan copper reached $67, its highest level since the beginning of 2024. This price had fallen in July.

LME's CMAL3 aluminum rose 0.2% to $2,540 a ton after hitting $2,569, its highest price since June 13.

Zinc CMZN3 rose 1.5% to $2,929, nickel CMNI3 increased 0.6% to $16,320, lead CMPB3 gained 1.7% to $2,072.50, and tin CMSN3 rose 1.0% to $31,810.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-20-9-dat-muc-cao-nhat-trong-hai-thang.html