Base metals mostly higher as U.S. stimulus hopes lift sentiment

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    <p>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.</p> <p>Three-month copper on the London Metal Exchange was up 0.1% at $6,749 a tonne by 0705 GMT.</p> <p>”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.</p> <p>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.</p> <p>However, Shanghai copper closed 0.6% lower at 51,170 yuan ($7,638.34) a tonne.</p> <p>”The market is a bit upset by the 4.9% YoY growth as the consensus has been 5% or more,” ING analysts said.</p> <p>”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.</p> <p>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.</p> <p>* China’s aluminium production rose 7.9% in September from a year earlier as prices recovered and new smelters came online.</p> <p>* The union of supervisors at BHP’s Escondida mine in Chile has reached an agreement on a labour deal, averting the threat of a strike at the world’s largest copper deposit.</p> <p>* In London, 우리카지노계열쿠폰 aluminium slipped 0.5% to $1,862 a tonne, 우리카지노계열쿠폰 zinc rose 1.6% to $2,478 a tonne, nickel was up 0.1% at $15,660 a tonne.</p> <p>* In Shanghai, zinc gained 1.1%, nickel advanced 0.7%, 메리트카지노 and tin climbed 0.4%.</p> <p>* For 카지노사이트쿠폰 the top stories in metals, 우리카지노계열쿠폰 click or</p> <p>(Reporting by Enrico Dela Cruz in Manila; Editing by Subhranshu Sahu and Sherry Jacob-Phillips)</p></div>

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