Copper futures for delivery in three months on the London Metal Exchange (LME) rose 0.2% to $9,228 per ton after touching $9,296, its highest level since August 30. Copper has gained 2.6% for the week.
Copper, used in electricity and construction, also saw a boost as China prepared to cut interest rates on more than $5 trillion in outstanding mortgages as early as this month.
"That has given the market an optimistic tone over the past few days," said a metals trader, adding that trading was quite weak on Friday as Chinese markets were closed for the Mid-Autumn Festival from September 16-17.
Copper has lost 17% since its May rally to a record high of $11,104, driven by speculative buying amid a potential future demand shortfall.
With prices falling, mainly due to investor position liquidation, Chinese buying activity increased and there was some additional stock replenishment ahead of China's long October holiday.
Copper inventories in warehouses supervised by the Shanghai Futures Exchange have fallen 45% in the past three months to 185,520 tonnes, the lowest level since February.
The import discount on copper in China has risen to a level higher than two months ago and has now reached $65 per ton.
Analysts at Macquarie expect the global copper market to remain in surplus in 2025 and 2026. Prices are expected to average $9,100 this quarter before recovering in the fourth quarter, depending on a decline in tangible inventories.
Among other metals, LME aluminum rose 0.6% to $2,428.50 a ton, lead lost 0.1% to $2,024.50, tin gained 0.8% to $31,680, while zinc fell 0.4% to $2,843.50 and nickel declined 1.3% to $15,920.
Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-14-9-dat-muc-cao-nhat-trong-hai-tuan.html
Comment (0)