London, August 28th: Copper futures on the London Metal Exchange (LME) rose on Thursday, as support from a weaker US dollar and increased risk asset appetite boosted market confidence in the artificial intelligence boom following Nvidia's performance announcement.

As of 16:00 Greenwich Mean Time, LME's three-month copper futures rose 0.70% to $9827 per ton, while London copper fell 0.8% on the previous trading day.

London copper has risen 11% so far this year, but has been hovering between $9500 and $9900 since failing to break through the $10000 mark in early July.

Ole Hansen, head of commodity strategy at Shengbao Bank, said that the metal market is currently in a wait-and-see state, but the main driving force today may be the increased risk appetite after Nvidia's performance announcement last night, which highlights the importance of the current artificial intelligence boom for the market and broader investment demand.

European and Chinese stock markets rose, partly due to Nvidia's strong performance calming widespread concerns about a cooling demand for artificial intelligence.

The weakening of the US dollar index also supported the market as traders increased their bets on the Fed's interest rate cut next month. The weakening of the US dollar makes goods priced in US dollars cheaper for buyers using other currencies.

On Thursday, COMEX copper futures in the United States rose 0.8% to $4.48 per pound, with a premium of $48 per ton compared to LME copper futures.

However, the continuously rising inventory levels, especially those on the COMEX exchange in the United States, have put pressure on the market, with inventory having nearly doubled so far this year. Before announcing a 50% tariff on copper last month, a large amount of copper flowed into the United States. Hansen stated that there is a significant oversupply in the United States, so it actually depends on whether demand outside of the US is strong enough to make this situation begin to shift.

The data released on Thursday showed that LME copper inventories increased by 1850 tons, reaching a three-month high of 157950 tons.

On Thursday, the main copper contract on the Shanghai Futures Exchange fell 0.5% to 78930 yuan (11034.69 US dollars) per ton.

The closing situation of other LME metal futures is that LME aluminum futures rose 0.2% to $2607 per ton; Zinc rose 0.9% to $2785 per ton; Nickel rose 1.1% to $15295 per ton; Lead is basically at $1985 per ton; Tin prices rose 0.7% to $34800 per ton, reaching their highest point in over a month.