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HANOI, Feb 8 (Reuters) – Copper prices gained on Monday as weak U.S. jobs data boosted hopes for a U.S. stimulus package that could support demand for metals and a recovery in the world’s biggest economy.
Copper is often used as a gauge of global economic health.
Three-month copper on the London Metal Exchange rose 1.1% to $7,996.50 a tonne by 0809 GMT, while the most-traded March copper contract on the Shanghai Futures Exchange closed up 1.6% at 58,590 yuan ($9,073.45) a tonne.
Hopes for the passage of a $1.9-trillion COVID-19 aid package from the United States rose after weak jobs data showed the U.S. labour market recovery is stalling.
“A weak U.S. jobs report boosted hopes of further stimulus measures and created a risk-on tone across markets,” said ANZ analysts in a note.
LME aluminium rose 0.7% to $2,029.50 a tonne, nickel increased 0.3% at $18,085 a tonne and tin advanced 0.3% to $23,195 a tonne.
ShFE aluminium rose 2.1% to 15,780 yuan a tonne, nickel gained 1.7% to 133,550 yuan a tonne, while tin jumped 1.3% to 166,260 yuan a tonne.
* Mongolia’s government is seeking an agreement from miner Rio Tinto to terminate a deal to expand the Oyu Tolgoi copper mine in the Gobi Desert, the Financial Times reported.
* China’s new bank loans could surge to a record high in January on a seasonal boost, a Reuters poll showed, while 2021 credit growth may be constrained by some marginal tightening of monetary policy.
* LME cash copper was at a $14.50-a-tonne premium over the three-month contract CMCU0-3, the highest since September 2020, indicating tight nearby supplies.
* ShFE tin inventories SSN-TOTAL-W jumped to 6,911 tonnes, their highest since June 2019, but LME tin stockpiles MSNSTX-TOTAL hovered near its lowest since May 810 at tonnes.
Reporting by Mai Nguyen; editing by Uttaresh.V and Amy Caren Daniel
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