Three-month copper futures on the London Metal Exchange (LME) rose 1.9% to $9,263.50 per ton after touching their highest level since August 30 at $9,294.50.
Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen, said: "The market is looking up. It appears that copper demand is likely showing signs of recovery in China. I think that's the main driver of the market's strength, with both copper and aluminum inventories declining recently."
Copper inventories on the Shanghai Futures Exchange have fallen 36% in the past three months to 215,374 tonnes, the lowest level since March.
Import insurance premiums for copper in China have risen to $65 per ton, compared to a discount of $20 per ton in May.
Matt Huang, an analyst at brokerage firm BANDS Financial, said: "We've recently seen some buying demand from the spot market in China, supported by purchases made ahead of the long October holiday in the country."
However, Huang added that further price increases could reduce demand.
The most actively traded October copper contract on the Shanghai Futures Exchange closed up 1.5% at 73,830 yuan ($10,363.85) per ton.
Nickel was the worst-performing LME metal, rising 0.2% to $16,140 per ton. LME aluminum rose 1.8% to $2,413 per ton, zinc gained 2.9% to $2,850, lead advanced 2.3% to $2,035, and tin advanced 1.3% to $31,355. Aluminum reached its highest level since September 3rd, and zinc its highest level since September 2nd.
Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-12-9-tang-gan-2-do-nhu-cau-cua-trung-quoc.html
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