March 19, 2019 / 1:40 AM / a month ago

METALS-Copper, aluminium rise on China tax policy boost for manufacturers

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.

FUNDAMENTALS

* 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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MARKETS NEWS

* 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.

DATA/EVENTS (GMT)

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)

PRICES

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

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