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Copper extends gains on stimulus hopes for top consumer China

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Copper prices rose in early Asian trading on Friday, extending gains from the previous session on hopes of stimulus to support top consumer China’s economy, but prospects of a global recession kept the metal on track for another weekly loss.

Other metals also advanced, with tin futures in Shanghai climbing more than 3% after a two-session slide.


* Three-month copper on the London Metal Exchange rose 0.5% to $7,864 a tonne by 0119 GMT, but it was on track for its fourth consecutive weekly fall.

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* The most-traded August copper contract on the Shanghai Futures Exchange climbed by up to 4% to 60,540 yuan ($9,035.15) a tonne, though was also set for its fourth weekly decline.

* Bloomberg News reported that China, the biggest metals consumer, was considering $220 billion of stimulus measures.

* China’s economy is recovering but the foundation of that recovery is not solid and more efforts are still needed, Premier Li Keqiang was quoted by state media as saying on Thursday.

* Chile’s state-owned Codelco, the world’s largest copper producer, said on Thursday that it will begin construction on a long-delayed $1 billion desalination plant this year to supply its largest operations in northern Chile.

* The dollar will remain strong for at least the next three months as it basks in both expectations for aggressive Federal Reserve interest rate rises and safe-haven appeal stemming from global recession fears, a Reuters poll of FX analysts showed.

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* U.S. equities rose with Treasury yields on Thursday as investors bet on economic light at the end of the Federal Reserve’s rate hiking tunnel, while oil prices rose on supply concerns and sterling rallied as UK Prime Minister Boris Johnson resigned.

* Oil prices slipped in early Asian trade, following a rebound in the previous session, as investors remained torn between worries over tight global supplies and fears a recession could dampen oil demand.


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Three month LME copper

Most active ShFE copper

Three month LME aluminum

Most active ShFE aluminum

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

($1 = 6.7005 Chinese yuan renminbi) (Reporting by Enrico Dela Cruz in Manila; Editing by Rashmi Aich)



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