Copper metal price on October 24: price increase

Three-month copper on the London Metal Exchange (LME) CMCU3 rose 0.3% to $9,588 a tonne after hitting a one-week high in the previous session.

The most-traded December copper contract on the Shanghai Futures Exchange (SHFE) SCFcv1 fell 0.7 percent to 76,890 yuan ($10,795.06) a tonne.

The dollar held near a two-and-a-half month high, making the greenback-denominated metal less attractive to holders of other currencies.

China cut its benchmark lending rate by a fixed monthly rate on Monday, after cutting other policy rates last month as part of a package of stimulus measures to revive the economy.

Recent data from China showed slowing economic growth, highlighting the need for additional stimulus measures.

Base metals are widely used in sectors such as construction and electronics, with China being the top consumer. Any measures to boost the country’s economic growth, especially amid ongoing weakness in the real estate sector, are likely to boost demand for physical metals.

Copper inventories at SHFE warehouses rose last week to 168,425 tonnes, the highest since September 13. Meanwhile, China's refined copper output in September remained at 1.14 million tonnes, up 0.4% year-on-year.

The global refined copper market showed a surplus of 54,000 tonnes in August, compared with a surplus of 73,000 tonnes in July.

LME aluminium CMAl3 was steady at $2,596.50 a tonne, nickel CMNI3 fell 0.8% to $16,560, zinc CMZN3 rose 0.1% to $3,078.50, lead CMPB3 rose 0.2% to $2,061 and tin CMSN3 fell 0.4% to $30,900.

Aluminum SAFcv1 SHFE fell 0.2% to 20,750 yuan/t, nickel SNIcv1 fell 1.9% to 126,530 yuan, zinc SZNcv1 fell 1.6% to 24,870 yuan, lead SPBcv1 rose 0.2% to 16,775 yuan while tin SSNcv1 fell 1.1% to 252,960 yuan.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-24-10-tang-gia.html