By HANOI, Jan 18 Reuters Copper prices advanced on Monday as traders bet on prospects of improved demand, after top metal consumer China posted strongerthanexpected growth and solid industrial output data.
Chinas economy grew 6.5 in the previous quarter, faster than the 6.1 forecast by economists in a Reuters poll, ending a rough coronavirusstriken 2020 in remarkably good shape and remained solidly poised to expand further this year.
The countrys industrial production also rose at a fasterthanexpected 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 worlds top metals consumer, said commodities broker Anna Stablum at Marex Spectron in a note.
Threemonth copper on the London Metal Exchange rose 0.8 to 8,0009 a tonne by 0739 GMT, while the mosttraded 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 alltime high even as the rally cooled.
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