May 21, 2020 / 5:36 AM / 10 days ago

CORRECTED-METALS-Copper extends gains as economic recovery hopes boost risk sentiment

(Corrects paragraph 2 to show rise would be 4th, not 3rd)

SINGAPORE, May 21 (Reuters) - Copper prices rose on Thursday, with London copper hitting a more than two-month high, as hopes of a swift recovery in the global economy pushed equities higher and boosted risk sentiment.

Three-month copper on the London Metal Exchange (LME) rose 0.1% to $5,446 a tonne by 0226 GMT, on track to gain for the fourth straight day. Earlier in the session, the contract had hit $5,464 a tonne, its highest since March 13.

The most-traded July copper contract on the Shanghai Futures Exchange (ShFE) advanced 1.5% to 44,340 yuan ($6,241.20) a tonne.

Asian shares were poised to open higher after global equities and crude prices rallied overnight on hopes of a rapid economic recovery and government support.

FUNDAMENTALS

* CHINA COPPER: Global copper smelting recovered in April due to renewed activity in China and has been even stronger so far in May, an index based on satellite surveillance of copper plants showed.

* ZINC & LEAD: The global zinc market recorded a 47,300-tonne surplus in March while the global lead market’s surplus narrowed to 14,200 tonnes in the same month, data from the International Lead and Zinc Study Group showed.

* OTHER PRICES: LME nickel rose 0.3% to $12,710 a tonne, tin advanced 0.9% to $15,600 a tonne and aluminium was up 0.1% to $1,514.50 a tonne.

* SHANGHAI PRICES: ShFE aluminium rose to a near 11-week high of 13,020 yuan a tonne, nickel jumped 2.5% to 105,070 yuan a tonne, while zinc fell 0.6% to 16,705 yuan a tonne.

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DATA/EVENTS (GMT)

0715 France Markit Mfg, services, comp flash PMI May

0730 Germany Markit Mfg, services, comp flash PMI May

0800 EU Markit Mfg, services, comp flash PMI May

0830 UK Flash composite, Mfg, services PMI May

1230 US Initial jobless claims Weekly

1230 US Philly Fed business index May

1345 US Markit Mfg, services, comp flash PMI May

1400 US Existing home sales April

1830 US Federal Reserve Chairman Jerome Powell gives

remarks in an online event, “Fed Listens: How

is COVID-19 Affecting your Community?”

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 = 7.1044 yuan) (Reporting by Mai Nguyen; editing by Uttaresh.V)

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