recovery on stimulus news

Three-month CMCU3 copper futures on the London Metal Exchange (LME) rose 0.6%.

Three-month CMCU3 copper on the London Metal Exchange (LME) rose 0.6% to $9,734.50 a tonne, after hitting its lowest in more than two weeks on Wednesday.

U.S. Comex copper futures HGc2 rose 1.1% to $4.40/lb.

Prices returned to pre-crisis levels as China began announcing support measures for its weakening economy , which were weaker than expected and lacking in detail.

"Metals are likely to remain in a sideways pattern ahead of a catalyst that is expected to emerge when the finance minister holds a press conference," said Nitesh Shah, commodity strategist at WisdomTree.

China's finance ministry will announce details of its fiscal stimulus plans to boost the economy at a press conference on Saturday.

“If a fiscal package has a significant amount of real estate spending, perhaps combined with additional support for new energy infrastructure, we could start to see some stockpiling come down,” Shah said.

The metal also found support as the dollar pared gains after U.S. inflation data was released. A stronger dollar makes commodities more expensive for buyers using other currencies.

"The latest surge in copper prices, as well as the National Day holiday (October 1-7), has weakened purchasing demand from semi-finished product manufacturers, especially copper wire manufacturers," said Wood Mackenzie consultant Zhifei Liu.

LME copper prices have fallen 1.3% this month after rising 6.4% in September, their best monthly gain since April.

Among other metals, LME aluminium CMAL3 rose 2.1% to $2,593.50 a tonne, nickel CMNI3 rose 1% to $17,550, zinc CMZN3 rose 2.6% to $3,097.50, lead CMPB3 rose 0.4% to $2,069.50 and tin CMSN3 rose 1.3% to $32,905.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-12-10-phuc-hoi-truoc-tin-tuc-ve-goi-kich-thich.html