rise as China hopes offset

Three-month copper on the London Metal Exchange (LME) CMCU3 rose 0.9% to $9,648 a tonne, having hit a one-week high in the previous session.

The most-traded December copper contract on the Shanghai Futures Exchange (SHFE) SCFcv1 fell 0.3 percent to 77,200 yuan ($10,840.57) 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 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.

Copper remains a strategic material that China has scarce reserves of, so imports are likely to remain high and relatively price inelastic, said Daniel Hynes, senior commodity strategist at ANZ.

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 are likely to increase demand for physical metals.

Further details regarding China’s policy easing at the upcoming National People’s Congress (NPC) meeting are likely to support base metals into year-end and early 2025, analysts at Citi said in a note.

Meanwhile, China's refined copper output in September remained at 1.14 million tonnes, up 0.4% year-on-year.

LME aluminium CMAl3 rose 0.9% to $2,620 a tonne, nickel CMNI3 fell 0.6% to $16,600, zinc CMZN3 rose 1% to $3,106.5, lead CMPB3 rose 0.7% to $2,071 and tin CMSN3 fell 0.5% to $30,865.

SHFE aluminum SAFcv1 rose 0.2% to 20,840 yuan/t, nickel SNIcv1 fell 1.3% to 127,310 yuan, zinc SZNcv1 fell 1% to 25,010 yuan, lead SPBcv1 rose 0.2% to 16,785 yuan, while tin SSNcv1 fell 1.4% to 252,400 yuan.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-23-10-tang-khi-hy-vong-cua-trung-quoc-bu-dap.html