METALS-London copper up 1 pct on economy, dollar

Posted by tjdetai on August 3rd, 2015

SHANGHAI, July 21 (Reuters) - London copper maintained itsupward momentum on Tuesday, rising nearly 1 percent on improvedconfidence in an economic recovery and a weak dollar, whileShanghai copper edged down from a nine-month high hit theprevious session. FUNDAMENTALS * Shanghai's benchmark third-month copper futures SCFc3edged down 0.4 percent to 43,340 yuan a tonne by 0111 GMT,easing from 43,610 yuan in the previous session, the highestsince Oct. 14. * Copper for three-month delivery on the London MetalExchange MCU3 gained to ,395 a tonne. It hit a 9-monthhigh of ,464.75 in the previous session.

* Metals got a boost from a weaker dollar, as investorsturned to high-yielding currencies and other risky assets asconfidence in an economy recovery improved. * Copper stocks in warehouses registered with LME ticked up1,800 tonnes to 265,950 tonnes on Monday. The aluminiumstockpile continued to climb, up 6,950 tonnes to a record above4.52 million tonnes. * Shanghai aluminium SAFc3 edged down 0.4 percent to13,895 yuan a tonne, and London aluminium ticked up to,715 a tonne.

* Global daily average primary aluminium output excludingChina fell to 63,300 tonnes in June, from 63,600 tonnes in May,the International Aluminium Institute (IAI) said. [ID:nLK89781] MARKET NEWS * U.S. stocks leaped on Monday as CIT Group Inc was rescuedfrom bankruptcy, and investors bet on strong corporateearnings. [.N] * The dollar was steady, after hitting a six-week lowagainst the euro, as strong U.S. corporate earnings promptedinvestors into riskier assets. 

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