Copper metal price on January 17: slight increase

Three-month copper on the London Metal Exchange (LME) rose 0.85%.

Three-month copper on the London Metal Exchange (LME) rose 0.85% to $9,245 a tonne.

Copper futures rose to $4.40 a pound, hovering at their highest in more than two months, as a surprise drop in U.S. core inflation supported bets the Federal Reserve will cut interest rates further this year.

Lower US interest rates could boost demand for commodities by supporting economic growth and weakening the dollar. In addition, hopes that China will implement strong economic support measures, including fiscal and monetary stimulus, to boost consumption have further boosted optimism.

On the supply side, top copper producer Chile has lowered its output forecast for coming years, citing challenges in finding and developing new mines.

Antofagasta on Thursday reported a modest 1% increase in its 2024 copper output to 664,000 tonnes, below its target, as higher output at its key projects was offset by lower grades.

The company had previously guided for output in the range of 670,000 - 710,000 tonnes compared with 660,600 tonnes in 2023.

The Chilean miner, which operates four copper mines in Chile, kept its 2025 production outlook unchanged at between 660,000 and 700,000 tonnes, as only incremental production growth is expected at its Centinela site.

The London-listed manufacturer reiterated that it expects capital expenditure to rise to $3.9 billion by 2025 from $2.7 billion last year, partly due to continued work on developing a second plant.

However, traders remained cautious ahead of the inauguration of US President-elect Donald Trump on January 20, amid concerns that new tariffs could disrupt global trade and dampen market sentiment.

LME aluminium rose 1.23% to $2,633 a tonne, tin fell 1.44% to $29,125, nickel rose 0.63% to $15,950, lead fell 1.58% to $1,935 and zinc rose 0.38% to $2,874.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-17-1-tang-nhe.html