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