Copper futures for delivery in three months on the London Metal Exchange (LME) rose 1% to $9,054 per ton. LME copper has fallen 11% since hitting a four-month high on September 30 as speculators liquidated bullish positions amid disappointment over the pace of stimulus in top metal consumer China and concerns that incoming US President Donald Trump will impose tariffs on China.
Dan Smith, research director at Amalgamated Metal Trading (AMT), said: "There's a bit of bargain hunting going on. Some of these metals look pretty cheap compared to a month ago."
On the broader financial markets, global stocks rose and bond markets welcomed Trump's selection of Bessent.
"It looks like a risk-on rally today. The Treasury's choice of Bessent has reassured some people," Smith said.
He added that AMT's model for copper, which seeks to replicate algorithmic trading patterns used by computer-controlled funds, has the potential to shift from bearish to bullish today if copper closes above $9,000.
The most actively traded copper contract for January on the Shanghai Futures Exchange (SHFE) rose 0.3% to 74,160 yuan ($10,237.16) per ton.
ANZ analyst Soni Kumari said: "While Trump's import tariffs will be a drag on the medium- and long-term demand outlook, faster inventory reductions in China and improved spot rates will provide support in the coming weeks."
Copper inventories at SHFE warehouses have begun to decline during China's peak consumption season, which runs from November to December.
Among other metals, LME aluminum rose 0.9% to $2,648 per ton, nickel increased 0.4% to $16,030, zinc gained 1.3% to $3,004, and lead advanced 0.6% to $2,034.50, while tin rose 0.6% to $29,095.
Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-26-11-phuc-hoi-sau-hai-phien-giam.html
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