METALS-Shanghai metals rise as Trump signs stimulus bill

HANOI, Dec 28 (Reuters) – Prices of most industrial metals rose on Monday, after U.S. President Donald Trump signed a stimulus package that would support the world’s biggest economy and boost demand for metals.

Trump on Sunday signed into law a $2.3 trillion pandemic aid and spending package, officials said, backing down from his threat to block the bill earlier this month.

The most-traded February copper contract on the Shanghai Futures Exchange rose 1.2% to 58,930 yuan ($9,024.64) a tonne, while nickel advanced 0.9% to 127,670 yuan a tonne, zinc edged up 0.4% to 21,710 yuan a tonne and lead jumped 1.4% to 14,840 yuan a tonne.

The London Metal Exchange is closed for a public holiday.

Also helping metals were profits at China’s industrial firms that grew in November for a seventh straight month, supported by strong industrial production and sales, as factories continue their recovery from the COVID-19 slump.

FUNDAMENTALS

* China’s November imports of copper concentrate from Australia plunged for a second month to the lowest since at least 2016, customs data showed, as a bilateral trade dispute slams China’s demand for Australian supply of the commodity.

* Australia-based miner MMG Ltd said on Thursday that transport had been temporarily disrupted due to road blocks by local residents near its Las Bambas copper mine in Peru, forcing it to declare force majeure on some supply contracts.

* The premium for aluminium shipments to Japanese buyers for January to March was set at $130 a tonne, up 48% from this quarter, as demand recovered from the COVID-19 pandemic-induced slump, sources said.

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MARKETS NEWS

* Global shares ticked up as U.S. President Donald Trump signed the pandemic aid and spending package.

DATA/EVENTS

No data from major economies

$1 = 6.5299 yuan Reporting by Mai Nguyen; Editing by Vinay Dwivedi