Three-month copper on the London Metal Exchange (LME) rose 1% to $9,054 a tonne. LME copper has fallen 11% since hitting a four-month peak on Sept. 30 as speculators liquidated bullish positions amid disappointment over the pace of stimulus in top metals consumer China and concerns that incoming U.S. President Donald Trump will impose tariffs on China.
“There’s a bit of bargain hunting going on,” said Dan Smith, director of research at Amalgamated Metal Trading (AMT). “Some of these metals look pretty cheap compared to a month ago.”
In broader financial markets, global stocks rose and bond markets welcomed Trump's pick of Bessent.
"It looks like it's a risk-on rally today. The Treasury picking Bessent has reassured some people," Smith said.
AMT's model for copper, which seeks to replicate the algorithmic trading models used by computer-driven funds, is likely to flip from bearish to bullish today if copper closes above $9,000, he added.
The most-traded January copper contract on the Shanghai Futures Exchange (SHFE) rose 0.3 percent to 74,160 yuan ($10,237.16) a tonne.
“While Trump’s import tariffs will be a drag on the medium- to long-term demand outlook, faster inventory drawdowns in China and improved spot rates should provide support in the coming weeks,” ANZ analyst Soni Kumari said.
Copper inventories at SHFE warehouses have started to decline during China's peak consumption season, which runs from November to December.
Among other metals, LME aluminium rose 0.9% to $2,648 a tonne, nickel rose 0.4% to $16,030, zinc rose 1.3% to $3,004 and lead rose 0.6% to $2,034.50 while tin rose 0.6% to $29,095.
Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-26-11-phuc-hoi-sau-hai-phien-giam.html
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