Three-month copper on the London Metal Exchange rose 0.8% to $9,063 a tonne in open trade after hitting $9,104, its highest since Nov. 21.
Copper, used in power and construction, has fallen 10% in two months and has traded in a narrow range since mid-November as the market awaits developments on US President Donald Trump's proposed import tariffs and possible retaliation from China.
“Base metals have been under increasing negative pressure since Trump’s victory in the US election, driven largely by a stronger US dollar, alongside growing concerns about how deregulation and tariffs will impact Western rate cuts and geopolitical tensions,” said StoneX analyst Natalie Scott-Gray.
China on Tuesday banned exports to the United States of gallium, germanium, antimony and other ultra-hard materials with potential military applications, a day after Washington's latest crackdown on China's chip industry.
The dollar index fell, reflecting weakness that makes the metal more attractive to buyers using other currencies.
Scott-Gray said the correlation between copper and US dollar volatility has increased significantly since the US election and is likely to last until 2025.
In China, investors are looking ahead to this month’s Central Economic Work Conference for any signs of additional monetary or fiscal stimulus after the country’s manufacturing activity grew modestly in November. The yuan fell to its lowest level against the dollar in more than a year on Tuesday.
LME aluminium rose 0.4% to $2,601 a tonne in open trade, zinc rose 0.3% to $3,087, tin rose 0.4% to $28,700, nickel rose 1.8% to $15,980, while lead fell 0.7% to $2,061.
Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-4-12-tang-nhe.html
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