Copper metal price on September 17: slight increase

Copper rose 0.4% on the London Metal Exchange.

Copper rose 0.4% to $9,346.50 a tonne on the London Metal Exchange. Zinc and lead rose, also reversing earlier losses, while aluminum rose 2.3%. Chinese markets will remain closed on Tuesday.

Data over the weekend showed industrial output in the world’s biggest goods buyer grew more slowly than economists had forecast in August, extending a cooling streak into a fourth month. Measures of consumption and investment both slowed more than expected, while unemployment unexpectedly rose to a six-month high.

Copper initially fell as much as 1% before recovering to trade above $9,300 a tonne on the London Metal Exchange, with Chinese markets closed for a holiday adding to the choppy trading conditions. A gauge of Hong Kong-listed Chinese stocks also turned positive as investors debated whether weaker macro data would prompt the government to step up stimulus.

Currency markets also supported industrial metals on Monday, as investors across markets stepped up bets that the U.S. Federal Reserve will cut interest rates this weekend. A weaker dollar typically boosts commodities priced in the currency by boosting purchasing power for importers in countries like China.

China’s recent decline in domestic copper inventories had raised hopes that the worst of this year’s downturn may be over, but disappointing data over the weekend is raising fresh concerns about the longer-term outlook for consumption.

China’s central bank signaled late Friday that it will step up its fight against deflation and prepare more policies to revive the economy, after credit data showed private confidence remained weak.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-17-9-tang-nhe.html