higher on China hopes

Three-month copper on the London Metal Exchange (LME) rose 0.9%.

Copper is headed for its first monthly gain since May, when prices hit a record above $11,100 a tonne.

Three-month copper on the London Metal Exchange (LME) rose 0.9% to $9,328 a tonne in open trading, having gained 0.7% this month.

Prices rose after a report said China is considering allowing homeowners to refinance up to $5.4 trillion in mortgages to lower borrowing costs.

“This could help support consumer confidence, which has been weak, which could in turn boost household consumption,” said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen.

China has stepped up efforts to support its struggling real estate sector, a key source of demand for industrial metals.

The most-traded October copper contract on the Shanghai Futures Exchange (SHFE) rose 0.1% to 74,220 yuan ($10,466.94) a tonne, up 0.5% this month.

Physical copper demand in China remains sluggish, but the Shanghai Futures Exchange recorded a significant increase in China's copper wire and cable exports.

Some investors have taken heart from the gains since copper hit a 4-1/2-month low on Aug. 5, down 22% from its record peak in May.

“It seems like the market has changed, it has become a buy-on-the-dip market rather than a sell-on-the-dip market, which has been the dominant sentiment for quite a few months,” Hansen said.

LME aluminium prices rose 1.1% in the official trading session to $2,485 a tonne, nickel prices rose 0.1% to $17,025, zinc prices rose 1.3% to $2,914, lead prices rose 1.5% to $2,066 and tin prices rose 0.6% to $32,545.

Source: https://kinhtedothi.vn/dong-metal-price-on-31-8-increases-higher-than-nho-hy-vong-cua-trung-quoc.html