(Recasts, updates prices, adds details)
By Mai Nguyen
Oct 18 (Reuters) - Copper prices rose on Friday, buoyed
by China's measures to boost liquidity in the stock market and
expectations of more stimulus after weak economic growth data.
Three-month copper on the London Metal Exchange rose
0.8% to $9,587 per metric ton by 0530 GMT, while the most-traded
November copper contract on the Shanghai Futures Exchange
edged up 0.1% to 76,790 yuan ($10,790.72) a ton.
"Market is moving on more policy measures details and data
released by China this morning. Q3 GDP growth slowed, hence the
pressure is on policy makers to push out more stimulus," said a
trader, noting that better-than-expected industrial output and
retail sales data also lent support.
China's economy grew at the slowest pace since early 2023 in
the third quarter and its property sector continued to show
sharp weakness, while consumption and industrial output figures
for September beat forecasts.
China's central bank kicked off two funding schemes that
will initially pump as much as 800 billion yuan into the stock
market, boosting Chinese equities.
The central bank governor also flagged potential interest
rate cuts by year-end.
Measures aimed at increasing liquidity in the capital market
are also bullish for metals, the trader said.
LME aluminium rose 0.5% to $2,567 a ton, tin
climbed 0.8% to $31,480, while zinc edged up 0.2% to
$3,059, nickel was nearly flat at $17,010 and lead
was almost unchanged at $2,070.
SHFE aluminium fell 0.7% to 20,565 yuan a ton,
nickel dropped 2.3% to 128,620 yuan, lead
edged down 0.2% to 16,695 yuan, tin dropped 2.4% to
256,600 yuan, tracking overnight losses in London. Zinc
rose 0.1% to 25,030 yuan.
Most base metals were set for a weekly loss as traders and
investors were disappointed this week over a lack of substantial
Chinese stimulus measures.
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($1 = 7.1163 Chinese yuan)
(Reporting by Mai Nguyen in Hanoi; Editing by Sumana Nandy and
Subhranshu Sahu)