Copper metal price on September 17: slight increase

Copper rose 0.4% on the London Metal Exchange.

Copper rose 0.4% to $9,346.50 a ton on the London Metal Exchange. Zinc and lead also gained, reversing earlier losses, while aluminum rose 2.3%. Chinese markets will remain closed on Tuesday.

Data released over the weekend showed that industrial output in the world's largest commodity buyer grew more slowly in August than economists had forecast, extending a cooling trend to a fourth month. Measures of consumption and investment were also slower than expected, while the unemployment rate unexpectedly rose to a six-month high.

Copper initially fell by as much as 1% before recovering to trade above $9,300 a ton on the London Metal Exchange, with the closure of Chinese markets for a holiday contributing to turbulent trading conditions. A measure of Chinese stocks listed in Hong Kong also turned higher as investors debated whether weaker macroeconomic data would prompt the government to increase stimulus.

The currency market also supported industrial metals on Monday, as investors across markets increased their bets that the Federal Reserve would make a major interest rate cut later this week. A weaker dollar typically provides impetus for commodities priced in that currency by boosting purchasing power for importers in countries like China.

Essentially, the recent decline in domestic copper inventories in China has raised hopes that the worst of this year's recession may be over. But disappointing data over the weekend is sparking new concerns about the long-term consumer outlook.

China's central bank signaled late Friday that it would step up its fight against deflation and prepare more policies to revive the economy, after credit data showed private confidence remained weak.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-17-9-tang-nhe.html