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HANOI, Jan. 18 (Reuters) – Copper prices in London rose on Monday as China, the largest consumer of metals, 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 economists’ 6.1% forecast in a Reuters poll, ending a coronavirus-stricken 2020 in remarkably good condition and remaining solidly able to develop further this year.
Three-month copper on the London Metal Exchange rose 0.2% to $ 7,963.50 a tonne at 3.18 a.m. GMT, while aluminum rose 0.1% to $ 1,993 a tonne and nickel rose 1.2% to $ 18,125 per tonne.
The most-traded March copper contract on the Shanghai Futures Exchange fell 0.8% to 58,730 yuan ($ 9,059.78) per tonne, recouping some of the earlier losses of up to 1.5% before the Chinese data release.
Aluminum ShFE edged up 0.1% to 14,885 yuan per ton, nickel rose 0.3% to 134,600 yuan per ton, while zinc fell 1.2% to 20,285 yuan the ton.
FUNDAMENTALS
* China produced 37.08 million tonnes of aluminum in 2020, setting an annual record as smelters benefited from soaring prices, with December production also hitting a monthly record level even as the rally cooled.
* For news on metals and other news, click
MARKET NEWS
* Asian equity markets recovered from lost ground as data confirmed that the Chinese economy rebounded last quarter as factory output surged, helping to offset recent disappointing news on U.S. consumer spending.
PRICES
LME copper at three months
The most active ShFE copper
Three months aluminum LME
Most active ShFE aluminum
Zinc LME at three months
Most active Zinc ShFE
LME advance to three months
The most active ShFE lead
Nickel LME at three months
Most active Nickel ShFE
Three-month LME box
The most active ShFE box
ARBS
$ 1 = 6.4825 yuan Reporting by Mai Nguyen, editing by Sherry Jacob-Phillips
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