up on news of new stimulus package

The three-month copper contract CMCU3 on the London Metal Exchange (LME) rose 0.7%.

Three-month copper futures on the London Metal Exchange (LME) CMCU3 rose 0.7% to $9,890.50 per ton, moving closer to the 10-week high of $9,913 reached in the previous session.

The most actively traded November copper contract on the Shanghai Futures Exchange (SHFE), SCFcv1, closed up 0.4% at 77,740 yuan ($11,072.18) per ton.

Chinese leaders pledged on Thursday to deploy "necessary fiscal spending" to achieve this year's economic growth target of around 5%.

"It's the macroeconomic narrative and positive expectations driving prices, which have nothing to do with fundamental factors or actual demand," said one trader.

The LME coin has risen 7.1% this month and is on track for its best monthly gain since April.

The US Federal Reserve cut interest rates last week, putting pressure on the dollar and making metals priced in greenbacks cheaper for holders of other currencies.

This week, China announced its largest stimulus package since the pandemic. Early in the session, copper prices fell due to profit-taking on both exchanges.

A series of disappointing data from China this year has raised concerns about a prolonged structural decline in the country, particularly in the real estate sector, which consumes a large amount of metals.

"The market has risen very quickly. A pullback and consolidation are needed in the short term. But in the long term, the market will rise again. The China story is positive," the trader added.

LME aluminum CMAL3 rose 0.8% to $2,557.50/tonne, nickel CMNI3 fell 0.2% to $16,760, lead CMPB3 gained 1.3% to $2,123.50, zinc CMZN3 increased 1.1% to $3,031, while tin CMSN3 traded 0.5% higher at $32,245.

SHFE's aluminum SAFcv1 fell 0.1% to 20,150 yuan/tonne, tin SSNcv1 dropped 1.4% to 257,000 yuan, while nickel SNIcv1 rose 0.6% to 128,450 yuan, zinc SZNcv1 gained 0.9% to 24,710 yuan, and lead SPBcv1 edged up 0.2% to 16,705 yuan.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-27-9-tang-nho-thong-tin-goi-kich-thich-moi.html