Copper metal price on January 6: reversed to decrease

Copper rose 0.8% to $8,876.50 a tonne on the London Metal Exchange.

Copper futures in New York rose about 1% to $4.065 a pound, recovering from earlier losses that brought prices closer to the psychological support level of $4. Copper also rose on the London Metal Exchange as analysts pointed to fresh buying demand in China.

“Lower prices have boosted demand in China,” said Dan Smith, director of research at Amalgamated Metal Trading Ltd. “While the overall narrative on China is quite negative, the fundamentals are driving the market.”

Copper fell more than 10% in the final quarter of 2024, as initial optimism about a series of Chinese stimulus measures gave way to growing concerns about demand in the world’s top consumer of commodities. China’s currency decline has added pressure on the metal by eroding the purchasing power of importing producers.

It is unlikely policymakers will make any major announcements that could help boost sentiment until the annual legislative meeting in March.

Traders will look to that meeting for more specifics on how China will boost its property sector, with hints of more support given at last month’s Central Economic Work Conference. They will also be bracing for the potential impact of new tariffs from the US following Donald Trump’s inauguration this month.

Copper rose 0.8% to $8,876.50 a tonne on the London Metal Exchange, extending its recovery from a nine-month low hit at the close of trading on Dec. 31. Aluminum, zinc and lead fell, while nickel and tin rose.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-6-1-quay-dau-giam.html