Rising higher thanks to China's hopes

Copper futures for three months on the London Metal Exchange (LME) rose 0.9%.

Copper is on track for its first monthly gain since May, when prices hit a record high of over $11,100 per ton.

Three-month copper futures on the London Metal Exchange (LME) rose 0.9% to $9,328 per ton in official public trading, having gained 0.7% this month.

Prices rose after reports indicated that China is considering allowing homeowners to refinance up to $5.4 trillion in mortgages to lower borrowing costs.

"This could help support consumer confidence, which is currently weak, and therefore could boost consumption in households," said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen.

China has stepped up efforts to support its struggling real estate sector, a major source of demand for industrial metals.

The most actively traded October copper contract on the Shanghai Futures Exchange (SHFE) rose 0.1% to 74,220 yuan ($10,466.94) per ton, up 0.5% this month.

Demand for physical copper in China remains sluggish, but the SHFE exchange has recorded a significant increase in Chinese exports of copper wire and cable.

Some investors have recovered from the gains since the currency hit a four-and-a-half-month low on August 5th, a 22% drop from its record high in May.

"It appears the market trend has shifted; the market has become a buy-on-the-dip market instead of a sell-on-the-dip market, a sentiment that has prevailed for quite some time," Hansen said.

LME aluminum prices rose 1.1% in official trading to $2,485 per ton, nickel prices increased 0.1% to $17,025, zinc prices rose 1.3% to $2,914, lead prices increased 1.5% to $2,066, and tin prices rose 0.6% to $32,545.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-31-8-tang-cao-hon-nho-hy-vong-cua-trung-quoc.html