Nov 8 (Reuters) – Copper prices rose on Monday, buoyed by strong Chinese exports data, improving jobs market in the United States and low inventories of the metal.
Three-month copper on the London Metal Exchange CMCU3 edged up 0.1% to $9,529.50 a tonne by 0328 GMT, while the most-traded December copper contract on the Shanghai Futures Exchange SCFcv1 advanced 0.9% to 70,130 yuan ($10,961.24) a tonne.
Exports growth in China – the world’s biggest copper consumer – beat forecasts in October on booming global demand, easing power crunch and supply chain improvement.
Inventories of the metal in ShFE warehouses CU-STX-SGH fell to 37,482 tonnes, the lowest since June 2009, and stockpiles in bonded warehouses SMM-CUR-BON fell to a record low of 206,400 tonnes.
In addition, strong U.S. employment data and the U.S. congress passing a long-delayed $1-billion U.S. infrastructure bill last week also aided sentiment.
Copper is widely used in infrastructure projects and also often used as a gauge of global economic health.
FUNDAMENTALS
* China’s copper imports in October rose for a second month, official data showed, as traders took advantage of a short period of favourable pricing to bring in bonded stocks.
* LME nickel CMNI3 fell 0.7% to $19,300 a tonne, zinc CMZN3 declined 0.5% to $3,213 a tonne and lead CMPB3 shed 0.4% to $2,342 a tonne.
* ShFE lead SPBcv1 lost 1% to 15,480 yuan a tonne, zinc SZNcv1 declined 0.6% to 22,880 yuan a tonne while nickel SNIcv1 rose 0.8% to 142,450 yuan a tonne, and tin SSNcv1 advanced 0.3% to 276,050 yuan a tonne.
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TOP/MTL or MET/L MARKETS NEWS
* Asian share markets were mixed as risk assets found support from the upbeat U.S. October payrolls report, but faced another test later in the week from a reading on U.S. inflation that could spook the rate horses. MKTS/GLOB DATA/EVENTS (GMT)
0745 France Reserve Assets Total Oct
($1 = 6.3980 yuan)
(Reporting by Mai Nguyen in Hanoi; Editing by Rashmi Aich)
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