March 20 (Reuters) - Prices of most industrial metals
rose on Monday as worries over a global banking crisis eased,
with copper further supported by improving consumption in China.
Three-month copper on the London Metal Exchange edged up 0.2% to $8,594 a tonne by 0416 GMT, while the
most-traded April copper contract on the Shanghai Futures
Exchange (SHFE) advanced 0.8% to 67,390 yuan
($9,769.92) a tonne.
Measures by authorities to avert a global banking crisis
lifted market confidence as investors welcomed a historic
Swiss-backed acquisition of troubled Credit Suisse by UBS Group
and emergency dollar liquidity from top central banks.
Yangshan copper premium rose to $50 a tonne on
Friday, its highest since December last year, indicating
improving appetite for imported copper into China, the world's
biggest consumer of the metal.
SHFE copper inventories fell for the third
straight week to 182,341 tonnes, their lowest since Jan. 20.
Meanwhile, China's aluminium imports in the first two months
of 2023 rose 11.3% year-on-year to 374,321 tonnes, as buyers
anticipated improving demand for the metal following the
country's reopening from COVID-19 restrictions.
SHFE aluminium increased 0.4% to 18,240 yuan a
tonne, nickel was up 0.65% at 177,240 yuan a tonne,
zinc advanced 1.3% to 22,570 yuan a tonne, tin jumped 2.7% to 185,900 yuan a tonne and lead edged up
0.2% at 15,360 yuan a tonne.
LME zinc increased 0.4% to $2,905 a tonne, lead was up 0.1% at $2,091.50 a tonne and tin increased 1.2% to $22,780 a tonne, while aluminium fell
0.2% to $2,270 a tonne.
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1000 EU Total Trade Balance SA Jan
($1 = 6.8977 yuan)
(Reporting by Mai Nguyen in Hanoi; Editing by Subhranshu Sahu)
mai.nguyen.thomsonreuters.com@reuters.net))
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