Copper metal price on January 14: extending the increase

Benchmark copper on the London Metal Exchange (LME) rose 0.3%.

Benchmark copper on the London Metal Exchange (LME) rose 0.3% to $9,115 a tonne after hitting its highest since Dec. 12 at $9,150.

China's imports of raw copper and copper products hit a 13-month high in December, rising nearly 18% year-on-year to 559,000 tonnes, customs data showed.

Another sign of stronger demand is the Yangshan premium, a closely watched indicator of China's copper import demand, which at $73 a tonne has risen 70% since early November.

“The economic backdrop is pretty positive and improving,” said Dan Smith, head of research at Amalgamated Metal Trading. “China’s trade data shows a nice surplus. Part of that is people rushing to ship to the U.S., but that’s not the whole story.”

Analysts said concerns about tariffs on imports into the United States after US President-elect Donald Trump takes office this month were behind the rise in Chinese exports.

Copper hits near-month high on Chinese demand, Comex premium holds steady

Another sentiment booster was Friday's monthly US jobs report, which showed strong growth in the world's largest economy.

Looking ahead, traders are awaiting China’s December lending and total social financing (TSF) figures. Metals analysts use TSF as a gauge of industrial metals demand.

Elsewhere, aluminium hit a four-week high of $2,589.50 a tonne on concerns about slippage in LME-registered warehouses, which have fallen 45% since last May to 619,375 tonnes.

Cancelled delivery orders – metal marked for delivery – are at nearly 60% suggesting more aluminium will leave LME warehouses in the coming days and weeks.

Concerns about tight supplies on the LME system have narrowed the discount for cash aluminium in the three-month contract to around $13 a tonne from more than $40 in December.

Three-month aluminium rose 0.7% to $2,590 a tonne, zinc rose 1% to $2,896, lead fell 0.7% to $1,962 and tin rose 0.7% to $30,100 while nickel rose 0.7% to $15,770.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-14-1-mo-rong-muc-tang.html