Three-month copper on the London Metal Exchange (LME) rose 0.6% to $9,426 a tonne after falling on Tuesday.
LME copper has recovered 6% since hitting a three-week low on September 4, but is still down 15% since hitting a record high in May.
“The market is looking for additional support from that rate cut announcement and is also focusing on China, for that government to do more to stop the slide that we are seeing,” said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen.
Last week, Chinese President Xi Jinping called on authorities to strive to meet annual economic targets, leading to expectations of stimulus measures to boost the sluggish economic recovery.
LME copper is hovering just below the key $9,500 level, which if broken would open the way to a challenge of $10,000, Hansen added.
“The lack of profit taking suggests there is some underlying belief that what happens next will add some support to the market,” he said.
The possibility of the US Federal Reserve (Fed) starting its easing cycle with a major 50 basis point cut was revived earlier this week after media reports raised the prospect of more aggressive action.
Rate cuts typically help boost economic growth and demand for metals, while putting pressure on the US dollar.
A weaker US dollar index supported the market, making the greenback-denominated metal cheaper for buyers using other currencies.
The most-traded October copper contract on the Shanghai Futures Exchange closed up 0.6% at 74,510 yuan ($10,501.02) a tonne.
LME aluminium rose 0.4% to $2,533 a tonne, nickel rose 0.2% to $16,220, lead rose 0.3% to $2,024.50 while zinc fell 0.1% to $2,922.50.
Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-19-9-tang-nhe-truoc-thong-tin-cat-giam-lai-suat.html
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