Nov 16 (Reuters) - Industrial metals rose on Monday, with copper extending gains into a third session and aluminium hovering near a 20-month high, on optimism around demand in top metals consumer China.
Copper inventories at warehouses monitored by the Shanghai Futures Exchange fell last week, suggesting demand in the world’s second-biggest economy remains robust, according to analysts.
Three-month copper on the London Metal Exchange was up 0.9% at $7,047 a tonne by 0151 GMT.
The most-traded December copper contract on the Shanghai Futures Exchange gained as much as 3.5% to 53,800 yuan ($8,173.31) a tonne.
London aluminium rose 0.5% to $1,941.50 a tonne. It had touched $1,943.50 on Friday, its strongest since March 21, 2019.
Shanghai aluminium jumped 0.9% to 15,585 yuan a tonne, with analysts citing a higher-than-expected drawdown in total reportable inventories in China last week as the reason.
* Chinese new home prices grew at a slower monthly pace in October, data showed, with some big cities having rolled out measures like bans on sales or purchases to try to cool the market.
* Indonesian President Joko Widodo will send a high-level team this week to meet with top executives of U.S. automaker Tesla as the Southeast Asian country aims to become the world’s biggest producer of electric vehicle batteries.
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* Asia’s stock markets opened higher, as vaccine optimism offset worries about rising coronavirus cases in Europe and new lockdowns in the United States, while oil prices and risk-exposed currencies also edged higher.
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Key banking/govt official to speak at the 23rd Euro Finance Week conference in Frankfurt
Three month LME copper
Most active ShFE copper
Three month LME aluminium
Most active ShFE aluminium
Three month LME zinc
Most active ShFE zinc
Three month LME lead
Most active ShFE lead
Three month LME nickel
Most active ShFE nickel
Three month LME tin
Most active ShFE tin
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