SINGAPORE, March 19 (Reuters) - Copper and aluminium prices ticked up on Tuesday, supported by China’s announcement to cut tax for manufacturers from next month to boost growth in the world’s second-largest economy.
“Sentiment was largely constructive as investors continued to view China’s latest policy moves as positive for metals demand,” ANZ said in a note on Tuesday.
China will cut value-added tax for manufacturing and other sectors on April 1, Premier Li Keqiang said on Friday, adding that cuts in taxes and fees remained a key measure to cope with downward pressure on its economy.
* Three-month copper on the London Metal Exchange rose 0.3 percent to $6,440.5 a tonne by 0122 GMT, while the most-traded copper contract on the Shanghai Futures Exchange edged up 0.1 percent to 49,260 yuan a tonne.
* Aluminium and nickel contracts ticked up on both London and Shanghai exchanges, with the three-month London aluminium hovering near an over-two-week high level.
* China by mid-year will slash the time needed to obtain approvals for construction projects as part of a push for growth, the country’s housing ministry said on Monday.
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* Asian shares treaded water ahead of a U.S. Federal Reserve policy meeting, hovering near six-month highs, while sterling was choppy as the speaker of Britain’s parliament banned another vote on same Brexit deal.
0930 Britain Claimant Count Unem Change Feb
0930 Britain ILO Unemployment Rate Jan
1000 Germany ZEW Economic Sentiment March
1000 Germany ZEW Current Conditions March
1400 US Factory Orders Jan
U.S. Federal Reserve’s Federal Open Market Committee (FOMC) starts its two-day meeting on interest rates (to March 20)
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
Reporting by Mai Nguyen; Editing by Rashmi Aich