rose to a two-month high

Three-month copper on the London Metal Exchange (LME) rose 0.3%.

Three-month copper on the London Metal Exchange (LME) rose 0.3% to $9,540.50 a tonne, having touched $9,599.50, its highest since July 18.

Copper pared gains after some profit-taking ahead of the weekend and a stronger dollar index, making the commodity more expensive for buyers using other currencies.

The US central bank began its monetary policy easing cycle on Wednesday with a larger-than-usual half-percentage-point cut, lifting global risk assets.

"The Chinese central bank has largely held off on implementing broad-based stimulus because of the interest rate differential, but now that that hurdle has been cleared, they can start to stimulate," said Nitesh Shah, commodity strategist at WisdomTree.

China unexpectedly kept its benchmark lending rate unchanged at its monthly fixed rate, but analysts said the rate cut was likely to be included in a larger policy package.

LME copper has gained more than 7% since falling to a three-week low on September 4, but is still down 14% since hitting a record peak in May.

“There is a risk of a short-term pullback after a sentiment-driven rally,” Shah added.

Also supporting copper was a further decline in inventories at warehouses registered with the Shanghai Futures Exchange amid increased seasonal demand. Data on Friday showed inventories have more than halved since early June.

LME aluminium fell 0.7% to $2,521 a tonne as producers took advantage of the recent price rally to sell at higher prices, a trader said.

Among other metals, LME zinc fell 0.8% to $2,907.50, nickel rose 0.8% to $16,470, lead rose 0.4% to $2,082.50 and tin rose 1.6% to $32,340.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-21-9-tang-len-muc-cao-nhat-trong-2-thang.html