HANOI, June 25 (Reuters) – Copper prices in London rose on Friday, on track for a weekly gain, as a U.S. infrastructure deal raised hopes for stronger demand from the red metal.
Three-month copper on the London Metal Exchange was up 0.5% to $ 9,461.50 a tonne at 3:18 a.m. GMT, while the most-traded copper contract in August on the Shanghai Futures Exchange fell 0. 1% to 68,960 yuan ($ 10,666.34) per ton.
US President Joe Biden has passed a bipartisan Senate deal to spend hundreds of billions of dollars on infrastructure projects, building roads, bridges and highways in an increased effort to boost the US economy.
Copper is widely used in infrastructure projects.
* Indonesia is considering a plan to restrict the construction of smelters producing pig iron or ferronickel in order to optimize its limited reserves of nickel ore for higher value products, a government official said on Thursday.
* Yunnan Tin will cease production at its two main smelters in Yunnan and Hunan provinces, with a combined output of 76,500 tons, for maintenance that could last 45 days, the International Tin Association said Thursday.
* The state-backed Chinese research house Antaike said it expected aluminum to be the top performing base metal in the second half of this year due to supply constraints and the resumption of demand.
* Nickel ShFE jumped 2.9% to 138,450 yuan per tonne, aluminum ShFE rose 1.1% to 18,950 yuan per tonne and nickel LME rose 0.6% to $ 18,525 the ton.
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* Asian stocks rose, following Wall Street’s overnight gains that took the Nasdaq and S&P 500 indexes to record highs after US President Joe Biden passed a bipartisan Senate infrastructure deal.
DATA / EVENTS (GMT)
1230 adjusted U.S. consumption in May
1400 US U Mich Sentiment Final May
$ 1 = 6.4652 yuan Report by Mai Nguyen; edited by Uttaresh.V