Copper prices on March 7th: continuing their upward trend.

Copper futures on the London Metal Exchange (LME) rose 0.4% in three-month contracts.

Three-month copper futures on the London Metal Exchange (LME) rose 0.4% to $9,624 per ton, their highest level since February 14.

The most actively traded copper contract on the Shanghai Futures Exchange rose 1.7% to 78,430 yuan/tonne ($10,834.67/tonne), its highest level in more than two weeks.

The US dollar index fell 1.5% and hovered near its lowest level in four months, making commodities priced in the greenback cheaper for buyers holding other currencies.

Daniel Hynes, senior commodities strategist at ANZ Bank, said: “Base metals rose in Asian trading on prospects of further stimulus measures from China.”

US President Donald Trump will waive the 25% tariffs on Canadian and Mexican automakers for one month, provided they comply with existing free trade rules. The US tariffs have strained relations with Canada, Mexico, and China.

In addition, the US imposed an additional 10% tariff on Chinese goods, while Beijing retaliated with its own additional tariffs.

Meanwhile, higher prices for aluminum in the US market have surged to record highs due to the imminent threat of tariffs on imports of the metal.

SHFE aluminum rose 1.6% to 20,925 yuan/tonne, zinc rose 1.6% to 24,030 yuan, nickel rose 0.4% to 128,680 yuan, lead rose 0.4% to 17,390 yuan, and tin rose 0.6% to 258,350 yuan.

LME aluminum rose 1.1% to $2,688.5 per ton, zinc increased 0.8% to $2,900.5, lead remained stable at $2,033.5, nickel surged 0.6% to $16,000, and tin rose 0.9% to $31,975.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-7-3-tiep-da-tang.html