for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up
Company News

METALS-Copper gains as China demand hopes, supply risks eclipse virus worries

Oct 16 (Reuters) - Copper prices rose on Friday as hopes of strong demand in top metals consumer China and risks of supply disruptions outweighed concerns that a resurgence in COVID-19 cases in Europe may weaken the global economic recovery momentum.

Three-month copper on the London Metal Exchange was up 0.4% at $6,774 a tonne by 0121 GMT, extending gains into a third session.

The most-traded November copper contract on the Shanghai Futures Exchange climbed 0.8% to 51,630 yuan a tonne.

Most other base metals also rose.

FUNDAMENTALS

* Chilean state-run copper miner Codelco said it was producing at full capacity and aims to meet its 2020 output targets.

* Aurubis, Europe’s biggest copper smelter, will offer unchanged 2021 copper premiums to its customers of $96 per tonne above LME prices.

* Nickel Mines Ltd will buy 70% of Indonesia’s PT Angel Nickel Industry for $490 million in a deal that will double its nickel production within two years.

* For the top stories in metals and other news, click or

MARKETS NEWS

* Asian stocks came under pressure on Friday as investors sought safe havens, such as the U.S. dollar, fearing that a resurgence in coronavirus cases and lack of additional U.S. fiscal stimulus would hobble the world economy.

DATA/EVENTS (GMT)

0900 EU HICP Final MM, YY Sept

1230 US Retail Sales MM Sept

1315 US Industrial Production MM Sept

1400 US U Mich Sentiment Prelim Oct

PRICES

Three month LME copper

Most active ShFE copper

Three month LME aluminium

Most active ShFE aluminium

Three month LME zinc

Most active ShFE zinc

Three month LME lead

Most active ShFE lead

Three month LME nickel

Most active ShFE nickel

Three month LME tin

Most active ShFE tin

ARBS (Reporting by Enrico Dela Cruz in Manila; Editing by Subhranshu Sahu)

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up