Copper extends gains, aluminium near 20-month high on China demand

12:02' AM - Wednesday, 18/11/2020

Industrial metals rose on Monday, with copper extending gains into a third session and aluminium hovering near a 20-month high, on optimism around demand in top metals consumer China.

Copper inventories at warehouses monitored by the Shanghai Futures Exchange fell last week, suggesting demand in the world’s second-biggest economy remains robust, according to analysts.

Three-month copper on the London Metal Exchange was up 0.9% at $7,047 a tonne by 0151 GMT.

The most-traded December copper contract on the Shanghai Futures Exchange gained as much as 3.5% to 53,800 yuan ($8,173.31) a tonne.

London aluminium rose 0.5% to $1,941.50 a tonne. It had touched $1,943.50 on Friday, its strongest since March 21, 2019.

Shanghai aluminium jumped 0.9% to 15,585 yuan a tonne, with analysts citing a higher-than-expected drawdown in total reportable inventories in China last week as the reason.

FUNDAMENTALS

* Chinese new home prices grew at a slower monthly pace in October, data showed, with some big cities having rolled out measures like bans on sales or purchases to try to cool the market.

* Indonesian President Joko Widodo will send a high-level team this week to meet with top executives of U.S. automaker Tesla as the Southeast Asian country aims to become the world’s biggest producer of electric vehicle batteries. - Reuters -

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