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LME COPPER CASH

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Copper set for best monthly gain since 2016 on tight supply, demand outlook

02/25/2021 | 11:03pm EDT

HANOI, Feb 26 (Reuters) - Copper prices were set to notch their best month since 2016 on low inventories and a bright outlook for demand, despite a slight easing on the day as a week-long rally in industrial metals ran out of steam.

Three-month copper on the London Metal Exchange was down 0.8% at $9,333.50 a tonne by 0316 GMT on Friday. The contract, however, gained 18.7% so far in February, set for the best month since November 2016.

On Thursday, LME copper hit its highest since August 2011 of $9,617 a tonne, only 5.6% below its record high level of $10,190 marked in February 2011.

The most-traded April copper contract on the Shanghai Futures Exchange declined 0.8% to 68,810 yuan ($10,642.15) a tonne, but was also set for its best month gain since November 2016.

LME aluminium fell 1.5% to $2,201 a tonne, zinc declined 1.3% to $2,853.50 a tonne and tin dropped 2.8% to $26,100 a tonne.

ShFE nickel shed 2.8% to 141,060 yuan a tonne and ShFE tin tumbled 4.2% to 184,900 yuan a tonne.

FUNDAMENTALS

* Peru's Southern Copper Corp plans to push forward new and pending projects as demand from China and constrained supply generally help propel a global price rally, an executive said.

* ShFE aluminium bucked the trend, rising 0.5% to 17,320 yuan a tonne after hitting its highest since August 2011 of 17,695 yuan earlier in the session.

* For the top stories in metals and other news, click or

MARKETS NEWS

* Asian stocks opened sharply lower on Friday after Wall Street's main indexes tumbled, with technology-related stocks under pressure following a steep rise in benchmark U.S. Treasury yields.

DATA/EVENTS (GMT)

0745 France GDP QQ Final Q4

0745 France CPI (EU Norm) Prelim YY Feb

1200 India GDP Quarterly YY Q3

1330 US Consumption, Adjusted MM Jan

1500 US U Mich Sentiment Final Feb

($1 = 6.4658 yuan) (Reporting by Mai Nguyen, Editing by Sherry Jacob-Phillips)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
SOUTHERN COPPER CORPORATION 0.29% 65.18 Delayed Quote.0.09%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.28% 6.4699 Delayed Quote.-0.11%
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