hit a three-week high

The October copper contract on the Shanghai Futures Exchange SCFcv1 rose 2.2%.

The most-traded October copper contract on the Shanghai Futures Exchange (SHFE) SCFcv1 was up 2.2% at 75,170 yuan ($10,559.22) a tonne, after rising as high as 75,180 yuan, its highest since Aug. 1.

Copper wire rod makers have increased their orders after recent price drops and as their downstream customers, power grid companies, increased output to meet annual production targets, said CRU analyst He Tianyu. The power sector is one of the biggest copper consumers.

China's peak consumption season, which typically starts in mid-September, could be disrupted if prices return to $10,000/mt on the LME or RMB80,000/mt on the SHFE.

SHFE aluminium SAFcv1 rose 0.5% to 19,925 yuan a tonne, after hitting 19,990 yuan earlier, its highest since July 16, on supply concerns and expectations of a US interest rate cut.

US Federal Reserve Chairman Jerome Powell on Friday confirmed the imminent start of interest rate cuts, which could support demand for metals as well as put pressure on the dollar, making the greenback-denominated metal cheaper for holders of other currencies.

SHFE zinc hit its highest since July 16 at 24,225 yuan a tonne. Tin SSNcv1 fell 0.2% to 266,290 yuan but remained near a one-week high.

China's Yunnan Tin Co., the world's largest producer of refined tin, began maintenance on its smelting equipment on August 25, which is expected to last up to 45 days.

SHFE nickel price SNIcv1 rose 1.5% to 131,350 yuan and lead price SPBcv1 rose 2.5% to 17,830 yuan.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-27-8-dat-muc-cao-nhat-trong-3-tuan.html