Copper metal price on March 7: continuing to increase

Three-month copper on the London Metal Exchange (LME) rose 0.4%.

Three-month copper on the London Metal Exchange (LME) rose 0.4% to $9,624 a tonne, its highest since February 14.

The most-active copper contract on the Shanghai Futures Exchange rose 1.7% to 78,430 yuan ($10,834.67) a tonne, its highest in more than two weeks.

The dollar index fell 1.5% and hovered near a four-month low, making commodities priced in the greenback cheaper for buyers holding other currencies.

“Base metals gained in Asian trade on the prospect of further Chinese stimulus measures,” said Daniel Hynes, senior commodity strategist at ANZ Bank.

US President Donald Trump will exempt Canadian and Mexican automakers from a 25% tariff for one month as long as they comply with existing free trade rules. The US tariffs have strained relations with Canada, Mexico and China.

In addition, the US also imposed an additional 10% tax on Chinese goods, while Beijing responded with additional tariffs of its own.

Meanwhile, premium prices for aluminum in the US market have soared to record highs due to the imminent threat of tariffs on imports of the metal.

SHFE aluminum rose 1.6% to 20,925 yuan/tonne, zinc rose 1.6% to 24,030 yuan, nickel rose 0.4% to 128,680 yuan, lead rose 0.4% to 17,390 yuan and tin rose 0.6% to 258,350 yuan.

LME aluminium rose 1.1% to $2,688.50 a tonne, zinc rose 0.8% to $2,900.50, lead was steady at $2,033.50, nickel jumped 0.6% to $16,000 and tin rose 0.9% to $31,975.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-7-3-tiep-da-tang.html