rise as hopes of China offset losses.

The three-month copper contract CMCU3 on the London Metal Exchange (LME) rose 0.9%.

Three-month copper futures on the London Metal Exchange (LME) CMCU3 rose 0.9% to $9,648 per ton. Prices had hit a one-week high in the previous session.

The most actively traded December copper contract on the Shanghai Futures Exchange (SHFE), SCFcv1, fell 0.3% to 77,200 yuan ($10,840.57) per ton.

The US dollar is hovering near its highest level in two and a half months, making metals priced in the greenback less attractive to holders of other currencies.

China lowered its benchmark lending rate on Monday, following cuts to other policy interest rates last month as part of a stimulus package aimed at reviving the economy .

Recent data from China shows slowing economic growth, underscoring the need for additional stimulus measures.

Daniel Hynes, senior commodity strategist at ANZ, said that copper remains a strategic material in which China has scarce reserves, therefore imports are likely to remain high and relatively inelastic with respect to price.

Base metals are widely used in fields such as construction and electronics, with China being a leading consumer. Any measures to boost the country's economic growth are likely to increase demand for physical metals.

Other details regarding China's policy easing at the upcoming National People's Congress (NPC) meeting are likely to support base metals later this year and into early 2025, analysts at Citi said in a note.

Meanwhile, China's refined copper output in September remained at 1.14 million tonnes, up 0.4% year-on-year.

LME aluminum CMAl3 rose 0.9% to $2,620/tonne, nickel CMNI3 fell 0.6% to $16,600, zinc CMZN3 gained 1% to $3,106.5, lead CMPB3 increased 0.7% to $2,071, and tin CMSN3 declined 0.5% to $30,865.

SHFE's aluminum SAFcv1 rose 0.2% to 20,840 yuan/tonne, nickel SNIcv1 fell 1.3% to 127,310 yuan, zinc SZNcv1 fell 1% to 25,010 yuan, lead SPBcv1 rose 0.2% to 16,785 yuan, while tin SSNcv1 fell 1.4% to 252,400 yuan.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-23-10-tang-khi-hy-vong-cua-trung-quoc-bu-dap.html