Slight increase, Fed rate cut expectations

Three-month CMCU3 copper futures on the London Metal Exchange (LME) rose 0.3%.

Three-month CMCU3 copper on the London Metal Exchange (LME) rose 0.3% to $9,082 a tonne, steadying after Thursday's 1.9% drop.

US Comex copper futures HGc2 rose 0.5% to $4.10/lb.

"On the macro front, it's a mixed picture. The easing stance from the US Federal Reserve is positive, but US and Chinese data are quite weak," said Amelia Xiao Fu, head of commodity market strategy at Bank of China International.

US jobs data missed expectations, prompting traders to bet that the Fed will begin easing policy in September with a massive half-percentage-point rate cut.

The weak data pushed the dollar lower, supporting the currency by making dollar-priced commodities cheaper for buyers using other currencies.

Despite recent weak factory data from China, the top consumer of metals, there has been evidence of some fresh physical buying activity in China. Yangshan copper prices rose to a more than three-month high this week, signaling import demand.

The most-traded September copper contract on the Shanghai Futures Exchange (SHFE) SCFcv1 fell 1.7% to 73,700 yuan ($10,211.57) a tonne.

In another slight bullish sign, copper inventories traded at SHFE fell 2% on Friday, but remained not far from a four-year high.

Market participants expect demand to pick up in China starting September, a seasonally strong consumption period.

Among other metals, LME aluminium CMAL3 fell 1.4% to $2,263.50 a tonne, zinc CMZN3 fell 1.7% to $2,661, lead CMPB3 fell 1.8% to $2,025, while tin CMSN3 rose 0.9% to $30,170 and nickel CMNI3 edged up 0.1% to $16,290.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-3-8-tang-nhe-ky-vong-cat-giam-lai-suat-cua-fed.html