up on news of new stimulus package

Three-month copper on the London Metal Exchange (LME) CMCU3 rose 0.7% to $9,890.50 a tonne, edging closer to a 10-week high of $9,913 hit in the previous session.

The most-traded November copper contract on the Shanghai Futures Exchange (SHFE) SCFcv1 closed up 0.4% at 77,740 yuan ($11,072.18) a tonne.

China's leaders pledged on Thursday to deploy "necessary fiscal spending" to meet this year's economic growth target of around 5%.

“It’s the macro story and positive expectations that are driving prices, it has nothing to do with fundamentals or actual demand,” said one trader.

LME copper has gained 7.1% this month and is on track for its best monthly gain since April.

The US Federal Reserve cut interest rates last week, putting pressure on the dollar and making the greenback-denominated metal cheaper for holders of other currencies.

China announced its biggest stimulus package since the pandemic this week. Copper prices fell early in the session on profit-taking on both exchanges.

A series of disappointing data from China this year has raised concerns about a prolonged structural slowdown in the country, particularly in the real estate sector, which consumes a large amount of metals.

"The market has gone up very fast. There needs to be a pullback and consolidation in the short term. But in the long term, the market will go up again. The China story is positive," the trader added.

LME aluminium CMAL3 rose 0.8% to $2,557.50 a tonne, nickel CMNI3 fell 0.2% to $16,760, lead CMPB3 rose 1.3% to $2,123.50, zinc CMZN3 rose 1.1% to $3,031, while tin CMSN3 traded 0.5% higher at $32,245.

SHFE aluminium SAFcv1 fell 0.1% to 20,150 yuan/t, tin SSNcv1 fell 1.4% to 257,000 yuan, while nickel SNIcv1 rose 0.6% to 128,450 yuan, zinc SZNcv1 rose 0.9% to 24,710 yuan and lead SPBcv1 edged up 0.2% to 16,705 yuan.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-27-9-tang-nho-thong-tin-goi-kich-thich-moi.html