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Large Cap
Market Cap £38.85bn
Enterprise Value £37.71bn
Revenue £10.54bn
Position in Universe 18th / 3900

METALS-London aluminium rises on solid demand, vaccine and stimulus hopes

Thu 3rd December, 2020 5:30am
(Recasts, updates prices, adds quotes)
    By Mai Nguyen
    Dec 3 (Reuters) - London aluminium rose on Thursday on
strong demand, while growing optimism over COVID-19 vaccines and
hopes for more stimulus boosted sentiment.
    Three-month aluminium on the London Metal Exchange  CMAL3 
advanced 0.2% to $2,058.50 a tonne by 0450 GMT, hovering near
$2,080 a tonne hit on Wednesday, its highest since October 2018.
    The most-traded January aluminium contract on the Shanghai
Futures Exchange  SAFcv1  fell 1.5% to 16,570 yuan ($2,528.61) a
tonne, slipping from 16,925 yuan a tonne hit in the previous
session, its highest since October 2011.
    "Demand is there and sentiment is there. We are now having
trillions of dollars injected into economy. Money has to find
its home," said a Singapore-based metals trader, referring to
efforts by governments globally to boost the economy.
    Britain approved Pfizer Inc's  PFE.N  COVID-19 vaccine on
Wednesday and top U.S. health officials announced plans to begin
vaccinating Americans against the coronavirus as early as
    Meanwhile, U.S. lawmakers were discussing a potential
stimulus package, although no deal has been made.*:nL1N2II1MU
    * ShFE aluminium stocks  AL-STX-SGH  were last trading at
220,373 tonnes, a 59% drop from March highs, while social
inventories of the metal in China  SMM-ALU-CON  dropped to their
lowest since January 2017 at 590,000 tonnes.
    * Antaike saw the Chinese aluminium market in a slight
deficit this year, having previously projected a surplus.*:nL1N2II14F
    * ShFE copper  SCFcv1  fell 0.2% to 57,230 yuan a tonne,
while LME copper  CMCU3  rose 0.1% to $7,680.50 a tonne. LME
zinc  CMZN3  rose 0.7% to $2,766 a tonne while ShFE nickel
 SNIcv1  fell 1.5% to 118,230 yuan a tonne and ShFE zinc
 SZNcv1  declined 1.3% to 20,990 yuan a tonne.
    * Chile's state miner Codelco, the world's top copper
producer, increased output in October while privately owned
multi-nationals saw a decrease, Chilean copper commission
Cochilco said.*:nL1N2II1IA
    * For the top stories in metals and other news, click       
 TOP/MTL  or  MET/L      

($1 = 6.5530 yuan)

 (Reporting by Mai Nguyen;
Editing by Vinay Dwivedi)
 ((; +6568703518; Reuters
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