Copper metal price on March 4: slight increase

Benchmark copper on the London Metal Exchange (LME) rose 0.1%.

Benchmark copper on the London Metal Exchange (LME) rose 0.1% to $9,368 a tonne.

US President Donald Trump is planning to impose an additional 10% tariff on Chinese goods, essentially doubling the tariffs imposed on February 4.

China's economic health is crucial to base metals demand as the country is the world's largest consumer and heavily dependent on these metals for its vast manufacturing sector.

“China’s PMI shows demand may be recovering, but the tariff cloud is hanging over everything,” said a copper trader.

China's official purchasing managers' index (PMI) rose in February after falling the previous month following a sharp rise in output, but a gauge of new export orders fell.

China's National People's Congress (NPC), scheduled to convene on March 5, is expected to announce more stimulus measures, amid a looming tariff war and concerns about slowing demand.

US manufacturing activity data is also in focus, with expectations for expansion in February, but at a slightly slower pace than in January.

Meanwhile, for aluminium, large holdings of hedges and cash contracts have raised concerns about tight supply in the LME market, which has also created a premium or backwardation for short-dated contracts relative to longer-dated contracts.

Since early February, cash aluminium has traded at a premium to the three-month contract, compared with a discount or contango since last April. Overall, a weaker US currency is supporting the industrial metal priced in USD.

Aluminium rose 0.3% to $2,614 a tonne, zinc rose 1.5% to $2,834 a tonne, lead fell 0.1% to $1,991 a tonne, tin was little changed at $31,330 a tonne and nickel rose 1.8% to $15,715 a tonne.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-4-3-tang-nhe.html