HANOI, January 18 (Reuters) – Copper prices in London surfaced on Monday as China ‘s major consumer metal metals posted stronger – than – expected growth in the fourth quarter of 2020, building confidence in demand.
China’s economy grew 6.5% in the previous quarter, faster than the 6.1% forecasts by economists in a Reuters poll, ending 2020 hit by coronavirus in very good shape and remained tough to expand further this year.
Three-month copper on the London Metal Exchange rose 0.2% to $ 7,963.50 per tonne before 0318 GMT, while advanced aluminum was 0.1% to $ 1,993 per tonne and nickel up 1.2% to $ 18,125 per tonne.
The most-traded copper contract in March on the Shanghai Futures Exchange fell 0.8% to 58,730 Yuan ($ 9,059.78) per tonne, recouping some of its previous losses as much as 1.5% before the Chinese data was released. release.
ShFE aluminum rose 0.1% to 14,885 yuan per ton, nickel increased 0.3% to 134,600 yuan per ton, and zinc fell 1.2% to 20,285 yuan per ton.
PROPERTY
* China exported 37.08 million tons of aluminum in 2020, setting an annual record as smelters imposed high prices, with December production also hitting a monthly high even as the rally cools.
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MARKET NEWS
* Asian stock markets were recovering lost ground as data showed that China’s economy had bounced back in the last quarter when factory production jumped, helping to correct break-even news recent expectations of U.S. consumer spending.
KEY
Copper LME three months
ShFE copper most active
Aluminum LME three months
Most functional ShFE aluminum
LME zinc three months
Most active ShFE zinc
Three-month LME guidance
Most active ShFE guidelines
Nickel LME three months
Nickel ShFE is most active
LME tin three months
Most active ShFE tin
ARBS
$ 1 = 6.4825 yuan Reporting by Mai Nguyen, Editing by Sherry Jacob-Phillips