Copper metal price September 5: stable again

Three-month copper on the London Metal Exchange rose 0.3%.

Three-month copper on the London Metal Exchange (LME) rose 0.3% to $8,979 a tonne, after touching $8,890, its weakest since Aug. 12.

Buying by industrial users helped push up prices on the LME, but US Comex copper futures fell 0.7% to $4.02/lb.

The metal joined oil and stock markets sliding following weak U.S. factory data on Wednesday and recent dismal data from top metals consumer China.

“The market mood is definitely challenged,” said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen. “Risk sentiment has been affected by renewed weakness in equity markets, but the economic growth outlook is also not very positive and that is impacting the demand outlook for metals.”

Concerns about China's economy grew on Wednesday as data showed growth in services sector activity slowed in August following earlier dismal numbers from the manufacturing and property sectors.

The most-traded October copper contract on the Shanghai Futures Exchange (SHFE) fell 2.4% to 71,700 yuan ($10,081) a tonne, its lowest since Aug. 13.

Analysts at Guangzhou Futures see 70,000 yuan/tonne as support for Shanghai copper.

Analysts say broad interest rate cuts by the Federal Reserve in September and the rest of this year could stabilize markets.

“The real question now is whether this weakness is persistent or will be contained by upcoming rate cuts,” Hansen said.

LME aluminium fell 0.6% to $2,393.50 a tonne, nickel fell 1.4% to $16,225, zinc fell 1.6% to $2,800.50, lead fell 1.3% to $2,022.50 and tin fell 1% to $30,435.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-5-9-on-dinh-tro-lai.html