METALS-Copper advances as investors eye further U.S. stimulus

  • 12/17/2020
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HANOI, Dec 17 (Reuters) - Prices of copper, often used as a gauge of global economic health, climbed on Thursday, with the London contract set for its third straight gain, as investors eyed more stimulus and support from the United States, the world’s largest economy. Three-month copper on the London Metal Exchange advanced 0.4% to $7,867 a tonne by 0249 GMT, while the most-traded January copper contract on the Shanghai Futures Exchange was up 0.6% at 58,210 yuan ($8,910.69) a tonne. Top U.S. lawmakers sounded more positive than they have in months on a potential COVID-19 aid bill while the U.S. Federal Reserve vowed to keep funneling cash into financial markets until the U.S. economic recovery is secure. * COPPER: Pan Pacific Copper sees copper prices to fall to between $6,500 and $7,000 a tonne in 2021 due to an expected surplus and on prospects of limited recovery in demand. * TIN: ShFE tin hit a 30-month high of 155,290 yuan a tonne and LME tin hovered around its highest since April 2019, as inventories in LME warehouses MSNSTX-TOTAL dropped to their lowest since June 23 of 3,070 tonnes. * LEAD: LME cash lead flipped to a premium of $4.25 a tonne over the three-month contract CMPB0-3 after staying in discount since mid-March, indicating tightening nearby supplies. * LME aluminium rose 0.5% to $2,044.50 a tonne, zinc advanced 0.4% to $2,842 a tonne and ShFE aluminium climbed 1.2% to 16,515 yuan a tonne, while ShFE nickel dropped 1.4% to 129,670 yuan a tonne. * Asian stocks were set for gains as progress toward a long-awaited U.S. stimulus package and a pledge by the Federal Reserve to keep interest rates low helped the Nasdaq benchmark to a fresh record high. 0745 France Business Climate Mfg Dec 1000 Eurozone HICP Final Nov 1330 US Initial Jobless Claims weekly

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