Three-month copper on the London Metal Exchange (LME) rose 0.7% to $9,583 a tonne. The contract hit its lowest since Sept. 23 on Thursday and is on track for a third straight weekly decline.
China's economy grew at its slowest pace since early 2023 in the third quarter and its property sector continued to show sharp weakness, although September consumption and industrial output figures beat forecasts.
At the same time, China's central bank launched two financing programs, initially injecting up to 800 billion yuan ($112 billion) into the stock market and promoting rapid implementation of financial policies to support the capital market, boosting investor sentiment.
“People are a little confused about what’s going on with the Chinese economy because there are certain parts of the economy that are doing well like the electronics sector and other parts that are doing poorly,” said Dan Smith, director of research at Amalgamated Metal Trading.
The property and construction markets remain weak, putting further pressure on copper, which is used in electricity and construction, he said.
“So basically China is rolling out stimulus packages to prevent things from getting worse and it’s quite difficult to trade this commodity,” Smith said.
Industrial metals are unlikely to see long-term price gains until the market sees signs of a sustained recovery and economic growth in China, said Ewa Manthey, a commodities analyst at ING.
Aluminum prices on the LME increased by 0.8% to 2,572.50 USD/ton, tin prices increased by 1.0% to 31,490 USD, zinc prices increased slightly by 0.4% to 3,064 USD, lead prices increased by 0.2% to 2,072.50 USD, while nickel prices decreased by 0.4% to 16,925 USD.
Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-19-10-tang-khi-trung-quoc-trien-khai-ho-tro.html
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