Copper metal price on November 16: slight increase

Three-month copper on the London Metal Exchange rose 0.6%.

Three-month copper on the London Metal Exchange (LME) rose 0.6% to $9,042 a tonne after hitting a three-month low on Thursday. Prices have fallen more than 4% this week.

The most-traded December copper contract on the Shanghai Futures Exchange (SHFE) was up 0.3% at 73,860 yuan ($10,215.06) a tonne, but was down 4.6% for the week.

The dollar is headed for its best week in more than a month, boosted by Donald Trump's victory in the US presidential election and expectations of fewer US interest rate cuts.

A stronger greenback makes dollar-denominated metals more expensive for holders of other currencies.

“We expect industrial metals prices to remain highly sensitive to any stimulus announcements from mainland China, with market sentiment tilted towards further support in anticipation of heightened trade tensions with China under a second Trump presidency,” analysts at BMI said.

Data showed China's factory output growth slowed in October and it was too early to call a turnaround in the crisis-hit property sector although consumers were more buoyant, continuing calls for Beijing to ramp up recent stimulus to revive the economy .

China’s property sector is the biggest consumer of base metals. However, copper inventories in warehouses monitored by SHFE fell 6.6% from last Friday, the exchange said.

LME aluminium rose 0.6% to $2,532 a tonne, nickel fell 0.2% to $15,595, zinc rose 0.2% to $2,949.5, lead rose 0.2% to $1,963.5 and tin rose 1.2% to $29,280.

SHFE aluminium rose 0.5% to 20,780 yuan/t, nickel fell 1.5% to 123,140 yuan, lead fell 1.5% to 16,760 yuan, zinc fell 0.3% to 24,640 yuan and tin fell 0.4% to 243,530 yuan.

China's aluminum output rose year-on-year in October as strong demand and higher prices offset rising raw material costs.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-16-11-tang-nhe.html