The most-traded September copper contract on the Shanghai Futures Exchange (SHFE) rose 0.2% to 73,880 yuan ($10,359.24) a tonne.
Three-month copper on the London Metal Exchange (LME) rose 0.1% to $9,264.50 a tonne.
“The macro- economic backdrop is not as bleak as recently feared. Fundamentals are also showing signs of improvement,” said ANZ analyst Soni Kumari, referring to potential cuts in copper, aluminum, nickel and zinc output.
Earlier this month, concerns about an impending US recession weighed on LME copper, which hit its lowest since March at $8,714 a tonne. But cheaper metal prices have boosted physical demand and more positive US data has recently eased fears of a hard landing.
“The falling inventories indicate a tighter market. Downstream demand is also showing signs of improvement for copper and aluminium,” Kumari said.
SHFE copper inventories fell 8% last week, the biggest weekly decline since December last year. LME inventories have also fallen recently.
SHFE zinc rose as much as 1.7% to 23,795 yuan a tonne, its highest since July 18. LME zinc rose as much as $2,870 a tonne, a level not seen since July 17.
Chinese zinc smelters are discussing possible output cuts after tight supplies of concentrate forced spot processing fees into negative territory.
"Chinese zinc smelters are currently suffering huge financial losses with such low processing fees and some smelters are unable to obtain enough concentrate and have had to cut production," said CRU analyst Dina Yu.
LME nickel fell 0.9% to $16,755 a tonne, while tin rose 0.3% to $32,805, aluminium rose 0.3% to $2,493.50 and lead rose 0.3% to $2,092.
SHFE aluminium rose 0.6% to 19,870 yuan a tonne, tin rose 1.1% to 267,170 yuan while nickel fell 1.7% to 128,700 yuan and lead fell 0.8% to 17,480 yuan.
Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-23-8-tang-tro-lai.html
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