MANILA, Oct 19 (Reuters) – Base metals were mostly higher in range-bound trade on Monday on hopes of additional U.S.
fiscal stimulus package, though gains were muted after top metals consumer China’s third-quarter economic growth came in below forecasts.
Three-month copper on the London Metal Exchange was up 0.1% at $6,749 a tonne by 0705 GMT.
“Hopes for US stimulus remain alive, and with the election just around the corner, most metals have been trading in a narrow range given the uncertainties,” ING analysts said in a note.
Aluminium on the Shanghai Futures Exchange was on the spotlight, hitting a 2-1/2-year high of 14,910 yuan a tonne.
It closed up 0.9% at 14,800 yuan.
However, Shanghai copper closed 0.6% lower at 51,170 yuan ($7,638.34) a tonne.
“The market is a bit upset by the 4.9% YoY growth as the consensus has been 5% or more,” ING analysts said.
“But the market should recover these losses when it has time to digest the substance of the GDP report instead of just reacting to the headlines,” they said.
Overall sentiment was also buoyed by news that drugmaker Pfizer Inc could have a coronavirus vaccine ready in the United States by the end of this year.
* China’s aluminium production rose 7.9% in September from a year earlier as prices recovered and new smelters came online.
* The union of supervisors at BHP’s Escondida mine in Chile has reached an agreement on a labour deal, 카지노사이트쿠폰 averting the threat of a strike at the world’s largest copper deposit.
* In London, aluminium slipped 0.5% to $1,862 a tonne, zinc rose 1.6% to $2,478 a tonne, nickel was up 0.1% at $15,660 a tonne.
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(Reporting by Enrico Dela Cruz in Manila; Editing by Subhranshu Sahu and 우리카지노계열쿠폰 Sherry Jacob-Phillips)