Three-month copper futures on the London Metal Exchange (LME) CMCU3 rose 1.5% to $9,687 per ton, after hitting a high of $9,700 earlier in the session, the highest since July 17.
The most actively traded October copper contract on the Shanghai Futures Exchange (SHFE), SCFcv1, rose 1.8% to 76,760 yuan ($10,908.52) per ton. It had reached its highest level since July 19th earlier in the session at 76,780 yuan.
China's copper consumption is typically stronger around the end of September and December.
"Demand has been good in the past few weeks. Rebar output in September was quite good due to low prices," said CRU analyst He Tianyu, pointing to strong output of home appliances and electric vehicles, along with increased grid investment.
"But it's still uncertain whether the peak season has arrived yet, given the recent recovery in copper prices. SHFE inventories have fallen quite sharply. I expect demand and copper prices to improve in the fourth quarter," he added.
The most recent SHFE copper inventory was 164,938 tonnes, the lowest level since February 8.
China's central bank has announced extensive monetary stimulus measures and support for the real estate market. The country has also introduced policies to support household appliances and electric vehicles.
The US Federal Reserve is expected to implement more rate cuts next year after a 50-basis-point reduction last week. This could boost demand for physical metals and put pressure on the US dollar, making metals priced in greenbacks cheaper for holders of other currencies.
LME aluminum CMAL3 rose 1.4% to $2,529.50/tonne, zinc CMZN3 increased 2% to $2,941.50, nickel CMNI3 gained 0.8% to $16,675, lead CMPB3 advanced 0.9% to $2,076, and tin CMSN3 rose 1% to $32,620.
SHFE's aluminum SAFcv1 rose 0.7% to 19,980 yuan per ton, nickel SNIcv1 increased 1.2% to 126,690 yuan, zinc SZNcv1 gained 1.4% to 24,010 yuan, lead SPBcv1 surged 1.5% to 16,655 yuan, and tin SSNcv1 rose 0.8% to 261,260 yuan.
Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-25-9-tiep-da-tang-do-nhu-cau-cai-thien.html
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