SINGAPORE, March 27 (Reuters) - London copper prices rose slightly on Friday as investors eyed further stimulus by major countries to cushion the worldwide economic meltdown triggered by the coronavirus pandemic.
However, gains were limited as widespread lockdowns to curb the outbreak threatened the demand outlook for the metal used in construction, power and manufacturing.
Three-month copper on the London Metal Exchange (LME) edged up 0.1% to $4,808.50 a tonne by 0215 GMT.
Leaders of the group of 20 major economies on Thursday said they would “do whatever it takes to overcome the pandemic,” pledging to inject over $5 trillion into the global economy to limit job and income losses.
European Union lawmakers also approved emergency funds to stem the bloc’s economic slump.
Profits earned by industrial firms in China, the world’s biggest consumer of copper, slid 38.3% year-on-year to 410.7 billion yuan ($58.09 billion) in the first two months, official data showed.
* OTHER PRICES: LME aluminium rose 0.8% to $1,548 a tonne, lead advanced 1% to $1,702 a tonne. The most-traded copper contract on the Shanghai Futures Exchange (ShFE) fell 0.4% to 38,920 yuan a tonne, tracking losses in London overnight, while ShFE lead was up 1.5% to 13,785 yuan a tonne.
* COPPER: South Africa’s main export terminals will close to mineral exports from midnight, when a nationwide 21-day lockdown begins, disrupting copper and cobalt supplies from the Democratic Republic of Congo and Zambia.
* GLENCORE: Glencore PLC halted a number of smaller mines due to government restrictions to curb the spread of the coronavirus but added its larger operations were not materially impacted.
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* Asian stocks rose as investors wagered policymakers will roll out additional stimulus measures to combat the coronavirus pandemic after U.S. unemployment filings surged to a record.
1230 U.S. Consumption, adjusted MM Feb
1400 U.S. U Mich consumer sentiment final March
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 = 7.0705 Chinese yuan renminbi) (Reporting by Mai Nguyen; Editing by Devika Syamnath)