June 2, 2020 / 1:32 AM / a month ago

METALS-Shanghai copper nears 3-month high on signs of demand recovery

SINGAPORE, June 2 (Reuters) - Shanghai copper prices rose on Tuesday to their highest in nearly three months, as a solid recovery in China demand and the reopening of economies from a coronavirus-induced lockdown lent support.

The most-traded July copper contract on the Shanghai Futures Exchange (ShFE) rose as much as 1.2% to 44,800 yuan ($6,288.43) a tonne, its highest since March 6.

Three-month copper on the London Metal Exchange (LME) was down 0.2% at $5,475.50 a tonne, as of 0114 GMT, but hovered around its highest level in two and a half months hit in the previous session.

FUNDAMENTALS

* CHINA COPPER: China refined copper prices SMM-CU-REF on Monday hit their highest since March 6, showing solid demand in top consumer China.

* RUSAL: Aluminium producer Rusal saw customers returning with 20-30% of usual demand after a slump in April.

* CHINA EV: Beijing city considers adding 20,000 licences to new energy vehicle buyers in July-December 2020.

* OTHER PRICES: Shanghai lead hit its highest in more than four months of 14,620 yuan a tonne, but LME lead fell 0.1% to $1,678 a tonne.

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MARKETS NEWS

* Asian stocks were set to come under pressure following a dip in Wall Street futures as U.S. President Donald Trump vowed to use force to end violent protests in American cities, souring a previously upbeat market mood.

DATA/EVENTS (GMT)

0430 Australia RBA Cash Rate June

0600 UK Nationwide House Prices MM, YY May

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

ARBS ($1 = 7.1242 yuan) (Reporting by Mai Nguyen, Editing by Sherry Jacob-Phillips)

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