Three-month copper on the London Metal Exchange (LME) CMCU3 rose 0.2% to $9,817.50 a tonne. The metal, used in electricity and construction, hit $9,913, its highest since July 15.
China's central bank has cut the cost of medium-term loans to banks, a day after announcing plans to lower borrowing costs, pumping more money into the economy and easing the burden of mortgage repayments on households.
The US dollar rose, making metals less attractive to buyers using other currencies, and China's yuan gave back earlier gains.
Beijing's measures will not be enough to solve all the problems in the Chinese economy, despite important moves to support the property market, said Dan Smith, director of research at Amalgamated Metal Trading (AMT).
At the same time, current demand in China is quite good, at least for copper and aluminum, and supplies for both metals are very tight, he added.
With the start of the US rate easing cycle and China’s stimulus measures, AMT expects copper, aluminum, zinc and tin prices to rise by the second quarter of 2025. Lead and nickel prices are likely to decline due to weaker fundamentals, the firm added.
The global nickel market surplus will increase to 170,000 tonnes in 2024 from 167,000 tonnes in 2023, according to the International Nickel Study Group (INSG). Next year, the INSG expects a surplus of 135,000 tonnes amid growth in the stainless steel industry in China and Indonesia, but also slower-than-expected growth in nickel use in batteries for electric vehicles.
LME aluminium CMAL3 fell 0.7% to $2,537 a tonne, zinc CMZN3 fell 0.6% to $2,991, lead CMPB3 rose 0.7% to $2,098.50, tin CMSN3 fell 2.4% to $31,855 and nickel CMNI3 rose 0.2% to $16,735.
Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-26-9-on-dinh-khi-dong-usd-tang.html
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