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Copper Rises as Upbeat China Economic Data Lifts Demand Outlook

HANOI, Jan 18 (Reuters) – Copper prices advanced on Monday as traders bet on prospects of improved demand, after top metal consumer China posted stronger-than-expected growth and solid industrial output data.

China’s economy grew 6.5% in the previous quarter, faster than the 6.1% forecast 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.


The country’s industrial production also rose at a faster-than-expected rate, up 7.3% in December 2020 from a year earlier and hitting the highest since March 2019.


“Copper turned higher after Chinese data on Monday confirmed the strong economic recovery at the world’s top metals consumer,” said commodities broker Anna Stablum at Marex Spectron in a note.


Three-month copper on the London Metal Exchange rose 0.8% to $8,0009 a tonne by 0739 GMT, while the most-traded March copper contract on the Shanghai Futures Exchange closed up 0.1% to 59,280 yuan ($9,138.42) a tonne.


LME nickel increased 1% to $18,190 a tonne while zinc fell 0.4% to $2,689 a tonne. ShFE aluminium ended up 0.5% at 14,940 yuan a tonne and nickel increased 0.5% to 134,930 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


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 = 6.4869 yuan)


(Reporting by Mai Nguyen, Editing by Sherry Jacob-Phillips and Rashmi Aich)


Source: Reuters

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