Copper Prices Gain as Chinas Solid Economic Data Supports

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HANOI, Jan 19 Reuters Copper advanced on Tuesday, as strongerthanexpected economic data from top consumer China lent support, though rising COVID19 infections globally weighed on prices and assuaged expectations of a swift economic recovery.

Threemonth copper on the London Metal Exchange rose 0.1 to 7,979.50 a tonne by 0322 GMT, while the mosttraded March copper contract on the Shanghai Futures Exchange increased 0.4 to 58,940 yuan a tonne.

China posted on Monday solid economic growth data in the last quarter of 2020, affirming that the worlds secondbiggest economy is well on track for a recovery from the pandemic slump.

However, China on Tuesday reported more than 100 new virus cases for the seventh day in its worst domestic outbreak since last March, fuelling worries of further movement curbs that could dampen the economic recovery.

Virus infections in other major economies remained high.

LME aluminium dipped 0.1 to 1,970.50 a tonne, nickel rose 0.3 to 18,110 a tonne while zinc advanced 0.4 to 2,694 a tonne.

ShFE aluminium dropped 0.9 to 14,795 yuan a tonne and lead fell 0.7 to 14,890 yuan a tonne, while nickel advanced 0.5 to 133,870 yuan a tonne and zinc increased 0.4 to 20,345 yuan a tonne.

FUNDAMENTALS

Aluminiums extensive price rally of recent months is likely to stall this year as China ramps up production and creates a surplus that will offset predicted shortages in the United States, Europe and Japan.

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