up nearly 2% on Chinese demand

Three-month copper on the London Metal Exchange (LME) rose 1.9%.

Three-month copper on the London Metal Exchange (LME) rose 1.9% to $9,263.50 a tonne after hitting its highest since Aug. 30 at $9,294.50.

"The market is looking up," said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen. "It looks like copper demand is likely to show signs of recovery in China. I think that's the main driver of the strength in the market, with copper and aluminum stocks both falling recently."

Copper stocks on the Shanghai Futures Exchange have fallen 36% over the past three months to 215,374 tonnes, the lowest since March.

Copper import premiums in China have risen to $65 a tonne, compared with a $20/tonne discount in May.

"We have seen some spot demand in China recently, supported by purchases made ahead of the long October holiday in the country," said Matt Huang, an analyst at brokerage BANDS Financial.

However, Huang added, further price increases could dampen demand.

The most-traded October copper contract on the Shanghai Futures Exchange closed up 1.5% at 73,830 yuan ($10,363.85) a tonne.

Nickel was the worst-performing LME metal, up 0.2% to $16,140 a tonne. LME aluminium rose 1.8% to $2,413 a tonne, zinc rose 2.9% to $2,850, lead rose 2.3% to $2,035 and tin rose 1.3% to $31,355. Aluminium hit its highest since Sept. 3 and zinc hit its highest since Sept. 2.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-12-9-tang-gan-2-do-nhu-cau-cua-trung-quoc.html