for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

METALS-Base metals rise as solid economic data lend support

Nov 3 (Reuters) - Prices of industrial metals were largely higher on Tuesday, as robust factory data from the world’s biggest economies boosted confidence about the demand outlook.

Three-month copper on the London Metal Exchange rose 0.7% to $6,809.50 a tonne by 0255 GMT, zinc advanced 0.4% to $2,550 a tonne and nickel increased 0.6% to $15,250 a tonne, while aluminium dipped 0.1% to $1,864 a tonne.

The most-traded December copper contract on the Shanghai Futures Exchange rose 1.3% to 51,690 yuan ($7,727.38) a tonne, while aluminium advanced 0.6% to 14,745 yuan a tonne.

U.S. manufacturing activity accelerated more than expected in October, with new orders jumping to their highest level in nearly 17 years, while Chinese factory activity expanded the fastest in a decade and euro zone manufacturing also boomed, data showed on Monday.

However, trading volume was low as investors were cautious ahead of the U.S. Presidential election later on Tuesday.

FUNDAMENTALS

* Chile’s Candelaria copper mine, owned by Canada’s Lundin Mining Corp, said on Monday it had submitted a new contract offer to a striking union in a bid to end a nearly month-long walk-off at the deposit.

* For the top stories in metals and other news, click or

MARKETS NEWS

* Asian shares looked set to climb as investors shrugged off U.S. election jitters and took hope in strong factory output data in China, Europe and the United States.

DATA/EVENTS (GMT)

0330 Australia RBA Cash Rate Nov

1500 US Factory Orders MM Sept

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 = 6.6892 yuan) (Reporting by Mai Nguyen; Editing by Krishna Chandra Eluri)

Breakingviews

Reuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.


Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com. All opinions expressed are those of the authors.

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up