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BEIJING — Copper climbed on Monday as traders found comfort in top metals consumer China’s pledge to stabilize its COVID-ravaged economy, while tight global supply also supported prices.
Three-month copper on the London Metal Exchange rose 1.4% to $8,384.50 a tonne by 0152 GMT, after a weekly loss driven by a hawkish U.S. Federal Reserve that lead to fears that longer interest rate hikes would exacerbate demand for metals.
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Meanwhile, the most-traded January copper contract on the Shanghai Futures Exchange was up 0.4% at 65,710 yuan ($9,423.49) a tonne.
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China will focus on stabilizing its $17-trillion economy in 2023 and step up policy adjustments to ensure key targets are hit, said a statement last Friday following an agenda-setting meeting attended by President Xi Jinping and his senior officials.
Tight stockpiles also lent some support, traders said.
Copper inventories in warehouses monitored by SHFE fell 18.5% week-on-week to 64,041 tonnes last Friday.
Copper stocks on the LME warehouses
Among other metals, LME aluminum climbed 1.2% at $2,402.5 a tonne, zinc added 1.5% to $3,062.5, and lead gained 0.5% to $2,163, and tin advanced 1.7% at $23,940.
China’s aluminum imports in November fell 35.7% from a year earlier as a result of mounting domestic supply, also as the COVID-hit economy continued to temper demand for the light metal.
SHFE aluminum dipped 0.3% to 18,695 yuan a tonne, tin added 1% to 194,160 yuan, zinc fell 1.2% to 23,980 yuan and nickel slid 0.6% to 216,470 yuan.
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($1 = 6.9730 Chinese yuan) (Reporting by Siyi Liu and Dominique Patton; Editing by Sherry Jacob-Phillips)
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