Copper prices rose in London on Thursday, rebounding from a two-week low hit in the previous session, as traders and investors awaited a China briefing later this week for more stimulus cues.
Three-month copper on the London Metal Exchange (LME) rose 0.6% to $9,728 per metric ton by 0142 GMT.
The contract hit its lowest since Sept. 24 in the previous session on disappointment over China’s latest stimulus announcement.
The most-traded November copper contract on the Shanghai Futures Exchange (SHFE) dipped 0.3% to 77,350 yuan ($10,935.34) a ton, tracking overnight losses in London.
Prices have returned to levels seen before China started announcing its supportive measures, which have been below expectations and lacked details.
Market players are now looking forward to a news conference by China’s finance ministry on Saturday, where the government is expected to detail its plans on fiscal stimulus.
“We expect copper demand will find some support from the recent stimulus…However, if prices continue to increase due to the optimism emerging from interest rate cuts, demand could be hit as end-use players may delay placing orders,” said consultant Zhifei Liu at Wood Mackenzie.
“The latest rally in copper prices, as well as the (Oct. 1-7) National Day Holiday, has weakened purchasing interests of semis manufacturers, especially copper-wire rod players.”
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LME copper prices have declined more than 1% so far this month after rising 6.4% in September in their best monthly gain since April.
LME aluminium rose 0.4% to $2,550.50 a ton, nickel climbed 0.8% to $17,505, zinc advanced 0.5% to $3,035, lead increased 0.3% to $2,069 and tin was up 0.8% at $32,730.
SHFE aluminium eased 0.1% to 20,545 yuan a ton, nickel dropped 1.4% to 133,030 yuan, zinc declined 1% to 24,940 yuan, lead decreased 1.6% to 16,585 yuan and tin fell 0.3% to 264,800 yuan.
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