Copper metal price on January 10: extending the increase

Three-month copper on the London Metal Exchange (LME) rose 0.7%.

Three-month copper on the London Metal Exchange (LME) rose 0.7% to $9,096 a tonne after hitting its highest since Dec. 16 at $9,099.

The metal used in electricity and construction continued to recover from a five-month low of $8,757 hit on Dec. 31. This week brought technical support as it broke through resistance from its 21-day moving average, now supporting a key psychological level around $9,000.

However, markets remain concerned about how Trump will handle tariff policy after he returns to the White House on January 20. During the election campaign, Trump vowed to impose a 60% tariff on Chinese imports, but there have been conflicting reports about the potential tariff level since then.

The Chinese yuan has been hovering around a 16-month low, prompting some Chinese traders to buy copper to try to protect themselves from this weakness and uncertainty about the future, said Ole Hansen, head of commodity strategy at Saxo Bank.

Yangshan copper premiums, which reflect copper import demand into China, hit their highest in more than a year at $73 a tonne, compared with $43 two months ago.

Among other metals, LME aluminium rose 1.5% to $2,537 a tonne, zinc rose 1.4% to $2,864.50, lead edged up 0.2% to $1,942, tin edged up 0.2% to $30,110 and nickel was steady at $15,440.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-10-1-mo-rong-muc-tang.html