* Copper hits highest since March 3 * Investors cautious ahead of central bank meetings (New throughout, updates prices, market activity and comments) LONDON, March 15 (Reuters) - Copper prices gained on Monday after stronger-than-expected industrial growth in top metals consumer China, while energy-intensive aluminium surged as a Chinese city clamped down on power consumption. Volumes were low, with investors cautious ahead of central bank meetings this week. Benchmark copper on the London Metal Exchange had gained 0.4% to $9,122.50 a tonne by 1700 GMT, off the session high of $9,199.50, the highest since March 3. “We had some positive Chinese data, which helps to confirm a V-shaped recovery, but volumes are low and there’s no real conviction,” said Geordie Wilkes, head of research at Sucden Financial. China’s industrial output increased by a forecast-beating 35.1% in January-February from a year ago, suggesting a sharp rebound in the world’s second-largest economy in the first quarter. But investors were wary ahead of meetings of the U.S. Federal Reserve and other centrals banks this week, Wilkes said. * LME three month aluminium climbed 2% to $2,213.50 a tonne, the strongest since March 4, after the Chinese city of Baotou in Inner Mongolia ordered some industrial production and power plants to shut down in a bid to meet its energy consumption targets for the first quarter. Aluminium is the most energy-intensive base metal. * China’s aluminium production rose 8.4% in the first two months of 2021 compared with the same period last year, official data showed, as smelters added new capacity and cashed in on soaring prices. * The dollar index rose for a third straight session, weighing on commodities priced in the U.S. currency, making them more expensive for buyers using other currencies. * China’s imports of copper are likely to rebound in March, but the expected increase after a disappointing start to the year may not be quite as bullish as it appears at first glance. * LME zinc gained 1.9% to $2,856, nickel climbed 1.4% to $16,231, lead added 0.4% $1,970.50 while tin fell 1.4% to $25,250. (Additional reporting by Enrico Dela Cruz in Manila; editing by David Evans, Jane Merriman and David Gregorio)
مشاركة :