hit a two-week high

Three-month copper on the London Metal Exchange (LME) rose 0.2%.

Three-month copper on the London Metal Exchange (LME) rose 0.2% to $9,228 a tonne after touching $9,296, its highest since Aug. 30. Copper has gained 2.6% for the week.

Copper, used in electricity and construction, was also boosted by China preparing to cut interest rates on more than $5 trillion of outstanding mortgages as early as this month.

"That has given the market an upbeat tone in the past few days," a metals trader said, adding that trading activity was quite weak on Friday as Chinese markets will be closed for the Mid-Autumn Festival from September 16-17.

Copper has lost 17% since a rally in May to a record high of $11,104, fueled by speculative buying on potential lack of future demand.

With prices falling, mainly due to unwinding investor positions, Chinese buying activity has picked up and there has been some restocking ahead of China's long October holiday.

Copper inventories in warehouses monitored by the Shanghai Futures Exchange have fallen 45% over the past three months to 185,520 tonnes, the lowest since February.

China's copper import discount has risen to a two-month high and has so far reached $65/tonne.

Analysts at Macquarie expect the global copper market to remain in surplus in 2025 and 2026. Prices are expected to average $9,100 this quarter before recovering in the fourth quarter, depending on the drawdown of physical inventories.

Among other metals, LME aluminium rose 0.6% to $2,428.50 a tonne, lead lost 0.1% to $2,024.50, tin gained 0.8% to $31,680 while zinc fell 0.4% to $2,843.50 and nickel fell 1.3% to $15,920.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-14-9-dat-muc-cao-nhat-trong-hai-tuan.html