Market Overview: Copper Rises on LME as Hopes in China Offset Dollar's Surge

In London, copper prices rose as hopes for further stimulus measures and a demand recovery in China offset the pressure from a strengthening U.S. dollar. On the London Metal Exchange (LME), three-month copper increased by 0.3% to $9,588 per ton as of 05:14 GMT, following a one-week high reached in the previous session. On the Shanghai Futures Exchange (SHFE), the December copper contract dropped by 0.7% to 76,890 yuan per ton ($10,795.06). Despite the U.S. dollar maintaining its position at a two-and-a-half-month high, China's reduction of benchmark lending rates in its monthly fixing helped balance the market. Recent data from China suggests a slowdown in economic growth, underscoring the need for additional stimulus measures. The International Copper Study Group (ICSG) reported that the global refined copper market recorded a surplus of 54,000 tonnes in August, down from a surplus of 73,000 tonnes in July. On the LME, aluminum remained steady at $2,596.5 per ton, while nickel decreased by 0.8% to $16,560 per ton, zinc rose by 0.1% to $3,078.5 per ton, lead increased by 0.2% to $2,061 per ton, and tin dropped by 0.4% to $30,900 per ton.