Economy

METALS-Copper rises as China’s speedy economic growth lifts demand outlook

Read more at www.reuters.com

HANOI, Jan 18 (Reuters) – Copper prices in London advanced on Monday as top metals consumer China posted stronger-than-expected growth in the fourth quarter of 2020, boosting demand confidence.

China’s economy grew 6.5% in the previous quarter, faster than the 6.1% forecasts by economists in a Reuters poll, ending a rough coronavirus-striken 2020 in remarkably good shape and remained solidly poised to expand further this year.

Three-month copper on the London Metal Exchange rose 0.2% to $7,963.50 a tonne by 0318 GMT, while aluminium advanced 0.1% to $1,993 a tonne and nickel increased 1.2% to $18,125 a tonne.

The most-traded March copper contract on the Shanghai Futures Exchange fell 0.8% to 58,730 yuan ($9,059.78) a tonne, recouping some of earlier losses of as much as 1.5% before the Chinese data was released.

ShFE aluminium edged up 0.1% to 14,885 yuan a tonne, nickel increased 0.3% to 134,600 yuan a tonne, while zinc dropped 1.2% to 20,285 yuan a tonne.

FUNDAMENTALS

* China produced 37.08 million tonnes of aluminium in 2020, setting an annual record as smelters cashed in on soaring prices, with December output also hitting a monthly all-time high even as the rally cooled.

* For the top stories in metals and other news, click or

MARKETS NEWS

* Asian share markets reclaimed lost ground as data confirmed China’s economy had bounced back last quarter as factory output jumped, helping offset recent disappointing news on U.S. consumer spending.

PRICES

Three month LME copper

Most active ShFE copper

Three month LME aluminium

Most active ShFE aluminium

Three month LME zinc

Most active ShFE zinc

Three month LME lead

Most active ShFE lead

Three month LME nickel

Most active ShFE nickel

Three month LME tin

Most active ShFE tin

ARBS

$1 = 6.4825 yuan Reporting by Mai Nguyen, Editing by Sherry Jacob-Phillips

Read more at www.reuters.com

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