The most-traded three-month copper contract on the London Metal Exchange (LME) rose 0.6% to $9,016 a tonne, bucking declines across the rest of the metals contracts.
China has pledged nearly $51 billion in funding to Africa, focusing on improving power grids whose shortcomings have slowed industrialization in the resource-rich continent.
Copper is widely used in power transmission for wind and solar power plants due to its high conductivity.
But copper prices are still signaling technical weakness, one trader said.
He expects copper’s recovery to be short-lived and prices to fall below $9,000 soon. “Every other metal has returned to its previous levels after the May rally,” the trader added.
Uncertainty in the global economic outlook continues to weigh on metals consumption.
US manufacturing activity contracted moderately in August, while Chinese manufacturing activity fell to a six-month low in the same period. The sector accounts for a large portion of metals demand.
Zinc, mainly used to protect steel from corrosion, fell 2% to $2,740.
The drop came after Russia's major zinc miner Ozernoye restarted production earlier than expected after a fire destroyed its facilities. "Nobody expects it to recover this year," said a major zinc miner buyer.
Among other metals, aluminium fell 0.8% to $2,378.50 a tonne, nickel fell 1.5% to $16,970, LME lead fell 0.9% to $2,001.50 a tonne and tin fell 0.5% to $30,340.
China will release August trade, inflation and credit data next week to shed further light on the outlook for metals demand for the rest of the year.
Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-6-9-tang-nhe-tro-lai.html
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