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METALS-Copper up on robust China data and falling inventories

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(Recasts, updates prices) By Pratima Desai LONDON, Nov 8 (Reuters) - Copper prices rose on Monday as strong export growth data from top consumer China, falling inventories and the passing of a $1 trillion U.S. infrastructure bill boosted sentiment, though gains were capped by concern over Chinese demand. Benchmark copper on the London Metal Exchange (LME) was up 1.2% at $9,637 a tonne at 1658 GMT. The price of copper, which is used in the power and construction industries, has traded in a narrow $300 range over the past week as the market awaits more definitive information about future demand prospects. "Industrial metals are still faced with headwinds amid signs of an easing energy crisis and demand destruction that added pressure on the economic outlook from the largest consumer (China) and elsewhere in the world," said ING analyst Wenyu Yao. "As a result, the outcomes from China's Politburo meeting this week will be closely scrutinised for clues on demand-side prospects for metals." EXPORTS: China's export growth beat forecasts, helped by booming global demand ahead of the winter holiday season, an easing power crunch and improvement in supply chains that have been badly disrupted by the COVID-19 pandemic. COPPER: Stocks in LME-registered warehouses have more than halved since late August to 115,525 tonnes. Cancelled warrants - metal earmarked for delivery - at 62% suggests overall stocks are set to fall further. Concerns about copper availability on the LME market have created a premium for cash copper over the three-month contract . USA: President Joe Biden on Saturday hailed congressional passage of a long-delayed $1 trillion infrastructure bill, which supported sentiment in industrial metals markets. TECHNICALS: Copper has yet to break decisively below a congestion area between $9,450 and $9,490, which houses the 50-day moving average, the 100-day moving average and a Fibonacci retracement level. Further strong support comes in at $9,350, where the 200-day moving average currently sits. OTHER METALS: Aluminium rose 2.1% to $2,609 a tonne, zinc added 1.4% to $3,273, lead rose 0.2% to $2,357, tin was up 0.9% at $37,400 and nickel gained 1.1% to $19,640. (Reporting by Pratima Desai Editing by David Clarke and David Goodman )


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