Three-month copper on the London Metal Exchange rose 1.4% to $9,618.50 a tonne after hitting its highest since Nov. 8 at $9,648.
“All the base metals are up today as there is a general rally across the board with the risk-on environment. Part of that is because demand in China looks pretty good, especially for copper, after returning from the Lunar New Year holiday,” said Dan Smith, head of research at Amalgamated Metal Trading.
New bank loans in China rose more than expected to a record high in January as the central bank moved to support an uneven economic recovery, reinforcing expectations of more stimulus in coming months.
A weaker US currency also makes the dollar-denominated metal more attractive to buyers using other currencies and helps the market brush aside concerns about US import tariffs.
On Thursday, US President Donald Trump ordered trade and economic officials to study reciprocal tariffs on countries that impose tariffs on US goods and return their recommendations by April 1.
“The tariff risk is being looked at closely because after all the rhetoric, it's the action that really counts,” Smith said.
LME copper is up 6% this month, also supported by a rise in US Comex copper futures. The premium for US futures over the LME contract hit a record high this week and remains above $1,000 a tonne.
The price gap between the LME cash contract and the three-month contract jumped to a record high on Friday.
LME aluminium rose 1.3% to $2,636.50 a tonne. Concerns over US tariffs have helped lift aluminium premiums to 39% this month and remain at their highest since April 2022.
Among other metals, zinc rose 1.3% to $2,883 a tonne and tin rose 1% to $32,265. Zinc hit its highest since Jan. 22 while tin hit its highest since Nov. 5.
Lead edged up 0.2% to $1,991.50 and nickel rose 0.9% to $15,515.
Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-15-2-tiep-tuc-tang-nhe.html
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