Three-month copper on the London Metal Exchange rose 0.9% to $9,597 a tonne. The contract has fallen 4% in June and is on track for its sixth straight weekly decline.
Copper futures on the US Comex exchange rose 1.1% to $4.39/lb.
Nitesh Shah, commodity strategist at WisdomTree, said: “The current base metals rally is almost too sensitive to the prospect of a rate cut. The ECB and Switzerland have already cut rates and the question is when will inflation cool enough for the Fed to do its thing. The data we have is supportive so a rate cut could come relatively soon.”
The US Federal Reserve's preferred inflation gauge, the personal consumption expenditures (PCE) index, delivered encouraging data on Friday suggesting inflation is cooling.
As a result, a weaker US dollar index has helped support metals markets, making dollar-priced commodities cheaper for buyers using other currencies.
TDS commodity strategists note that price action in the base metals complex is keeping Commodity Trading Advisor (CTA) copper selling pressure at bay, however, a higher sell trigger, currently at $9,350/tonne, is increasingly becoming an inherent risk for the red metal.
Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-1-7-tiep-tuc-giam-do-dong-usd-manh-hon.html
Comment (0)