December 27, 2018 / 7:38 AM / 3 months ago

METALS-London copper rises over 1 pct as market recovers from 3-mth low

(Updates prices)

SINGAPORE, Dec 27 (Reuters) - London copper prices rose more than 1 percent on Thursday to rebound from their lowest in three months on the back of a rally in financial and commodity markets, although gains were capped by global growth concerns.

Asian shares on Thursday rode a dramatic surge on Wall Street as markets, hammered by recent political and economic gloom, cheered upbeat U.S. data and the Trump administration’s effort to shore up investor confidence.

COPPER: Three-month copper on the London Metal Exchange had climbed 1.1 percent to $6,019 a tonne by 0725 GMT, while the most-traded copper contract on the Shanghai Futures Exchange rose 0.7 percent to 48,280 yuan ($7,004.11) a tonne.

THREE-MONTH LOW: LME copper declined to $5,941 a tonne on Monday, its weakest since Sept. 18.

MARKETS: Oil and equity markets jumped on Wednesday, driven by the Trump administration’s attempt to shore up investor confidence and a report on strong U.S. holiday spending.

FINANCING: Russia’s Baikal Mining Co, operator of a large Udokan copper deposit, has agreed $1.25 billion of project financing from banks, Alisher Usmanov, who owns this company, told reporters in Moscow on Wednesday.

NICKEL: A global nickel market deficit will nearly halve to 49,000 tonnes in 2019 from 93,000 tonnes this year on higher output of primary metals by global suppliers and of lower-grade nickel pig iron (NPI) in Indonesia, Sumitomo Metal Mining said on Tuesday.

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 = 6.8931 Chinese yuan)

Reporting by Naveen Thukral Editing by Joseph Radford and Richard Pullin

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