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METALS-Copper rises for second session on China demand, U.S. stimulus hopes

SINGAPORE, Sept 28 (Reuters) - London copper rose for a second straight session on Monday on expectations of a strong demand in top importer China and a U.S. stimulus in the works.

FUNDAMENTALS

* Three-month copper on the London Metal Exchange rose 0.3% to $6,565 a tonne, as of 0138 GMT and the most-traded copper contract on the Shanghai Futures Exchange added 0.6% to 50,860 yuan ($7,455.29) a tonne.

* In August, data showed industrial output in China, the world’s top consumer of metals, accelerated the most in eight months.

* Democrats in the House of Representatives are working on a $2.2 trillion coronavirus stimulus package.

* Still, a higher U.S. dollar, which makes greenback-priced commodities more expensive for holders of other currencies, could weigh on prices.

* The dollar hovered near a two-month peak against a basket of currencies on Monday as investors look to a barrage of upcoming economic data and political developments in the United States before making any fresh bets on the U.S. currency.

* Zambia will remove import duty on copper ores and concentrates to encourage local processing, Finance Minister Bwalya Ng’andu said in a budget speech delivered in parliament on Friday.

* Africa’s second largest copper producer saw its export earnings from the metal in the first half of the year fall 14.8% to $2.3 billion due to a drop in prices, he added.

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

MARKETS NEWS

* Asian shares were on the defensive, while oil prices edged lower on Monday as investors were cautious ahead of a U.S. Presidential debate and as coronavirus cases spike again in a blow to global economic recovery hopes.

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 ($1 = 6.8220 yuan) (Reporting by Naveen Thukral; Editing by Vinay Dwivedi)

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