Copper prices rose on August 15 due to expectations of interest rate cuts

Three-month copper on the London Metal Exchange (LME) rose 0.8% to $9,026 a tonne, while the September copper contract on the Shanghai Futures Exchange fell 0.7% to 72,010 yuan ($10,073.30) a tonne.

Recent data, including U.S. producer prices on Tuesday, were weaker than expected, fueling expectations that cooling inflation will allow the Federal Reserve to cut interest rates soon. Investors are hoping U.S. inflation data will also be upbeat.

"It looks like inflation is under control and the Fed is going to shift from managing inflation to managing growth, which is why everyone is excited about the metals position," said Tom Price, head of commodity strategy at Panmure Liberum.

The dollar index hovered near a one-week low after falling sharply in the previous session, making buying commodities priced in the greenback cheaper for investors using other currencies.

Another factor supporting copper prices is a strike at Chile's giant Escondida mining operation, raising the prospect of a production halt at the world's largest copper mine.

“Escondida is a reminder that nearly 90% of the world’s copper comes from mines, not scrap, unlike aluminum,” Price said.

But economic weakness in top metals consumer China has capped gains, highlighted by data on Tuesday showing bank lending in July hit its lowest level in nearly 15 years.

That has added to fears of a continuing economic downturn, hitting industrial activity and reducing demand for metals.

Among other metals, LME aluminium rose 1.2% to $2,360.50 a tonne, zinc rose 1.5% to $2,727.50, lead rose 0.9% to $2,008, tin rose 0.9% to $31,470, while nickel fell 0.1% to $16,300.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-15-8-tang-gia-nho-ky-vong-cat-giam-lai-suat.html