(Updates prices, adds comment and details)
Oct 16 (Reuters) - Copper prices rose on Friday as hopes of strong demand in top metals consumer China and risks of supply disruptions outweighed concerns that a resurgence in COVID-19 cases in Europe may weaken the global economic recovery momentum.
Three-month copper on the London Metal Exchange was up 0.2% at $6,764 a tonne by 0326, extending gains to a third session.
The most-traded November copper contract on the Shanghai Futures Exchange climbed 0.6% to 51,550 yuan ($7,667.71) a tonne.
Most other base metals also rose.
“Industrial metals look set to shine despite the economic gloom,” commodity strategists at ANZ said in a note. “Ample Chinese fiscal measures provided a much-needed boost to the sector (while) supply-side issues are tightening the market balance.”
They added that copper has benefitted mostly from pandemic-related mine disruptions in Chile and Peru.
“While the resurgence of cases is still a risk for supply, resurfacing labour strike risks in Chile will be another headwind for supply recovery,” ANZ strategists said.
* Chilean copper miner Codelco said it was producing at full capacity and aims to meet 2020 output targets.
* Aurubis, Europe’s biggest copper smelter, will offer unchanged 2021 copper premiums to its customers of $96 per tonne above LME prices.
* Nickel Mines Ltd will buy 70% of Indonesia’s PT Angel Nickel Industry for $490 million in a deal that will double its nickel production within two years.
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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
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