Three-month copper futures on the London Metal Exchange rose 0.9% to $9,597 per ton. The contract had fallen 4% in June and was experiencing its sixth consecutive weekly decline.
Copper futures on the US Comex exchange rose 1.1% to $4.39 per pound.
Nitesh Shah, commodity strategist at WisdomTree, said: “The current impetus in base metals markets is almost too sensitive to the prospect of interest rate cuts. The ECB and Switzerland have already cut interest rates, and the question is when inflation will cool down enough for the Fed to take its own action. The data we’ve received seems to support this, so a rate cut could happen relatively soon.”
The Federal Reserve's preferred measure of inflation, the Personal Consumption Expenditures (PCE) index, provided encouraging data on Friday suggesting inflation is cooling down.
As a result, a weaker US dollar index has helped support the metals market, making commodities priced in US dollars cheaper for buyers using other currencies.
TDS commodity strategists note that price action in the base metals complex is preventing selling pressure from Commodity Trading Advisors (CTAs), however, the higher selling trigger level, currently at $9,350/tonne, is increasingly becoming an inherent risk for the red metal.
Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-1-7-tiep-tiep-giam-do-dong-usd-manh-hon.html
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