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Copper rises on solid China data, stimulus hopes

por Manie Shepherd (2020-06-09)

By Mai Nguyen

SINGAPORE, May 15 (Reuters) - Copper prices advanced on Friday on data showing a solid recovery in top consumer China and hopes of more stimulus measures to help global economies hit by the coronavirus outbreak.

Three-month copper on the London Metal Exchange rose 1% to $5,253 a tonne by 0554 GMT, rebounding from a more than one-week low hit in the previous session. But the contract was still on track to end the week slightly lower.

The most-traded copper contract on the Shanghai Futures Exchange advanced 0.4% to 43,200 yuan ($6,083.91) a tonne.

China's factory output rose for the first time this year in April, as the world's second-largest economy slowly emerged from its coronavirus lockdown, while fixed asset investment fell but still within expectation, ???? official data showed.

"This is a confirmation of the effectiveness of China's government measures. As China is yet to scale back its stimulus measures, this government-driven recovery will continue," said Helen Lau, an analyst at Argonaut Securities.

Lau added there might be risks that industrial production may see some headwinds in May due to weak exports markets, but added that the economy opening up in United States and Europe should soon limit the downside impact.

Meanwhile, U.S. President Donald Trump is open to negotiations on another possible stimulus bill, while China acknowledged earlier this week the need for more fiscal stimulus for its economy.


* CHINA ALUMINIUM: China's aluminium output rose 1.5% in April from a year earlier, official data showed, and hit a 10-month high on a daily basis as a rapid rebound in prices kept smelter operating rates high.

* LEAD: French metals producer Recylex its Weser-Metall lead production plant in Germany had filed for insolvency amid falling metal demand.

* U.S.-CHINA: Trump suggested he could cut ties with the China, signalling a further deterioration in their relationship.

"This is not really something the industry want to see at this time. China and the United States are still in the middle of recovery and China is grappling with a second wave. If it develops into a form of tariffs (row), it will impact commodities demand," Lau said.

* OTHER PRICES: LME aluminium rose 0.6% to $1,484 a tonne and zinc advanced 0.5% to $1,967.50 a tonne. In Shanghai, aluminium gained 0.7% to 12,575 yuan a tonne, while nickel dropped 1% to 100,030 yuan a tonne.

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($1 = 7.1007 yuan) (Reporting by Mai Nguyen; editing by Uttaresh.V and Rashmi Aich)