SINGAPORE, July 28 – Copper and industrial metals advanced on Tuesday as U.S. Senate Republicans proposed a $1 trillion coronavirus aid package a day earlier, lifting risk sentiment.
The news sent the U.S. dollar to a fresh two-year low, making greenback-priced London metals more attractive for buyers using other currencies.
Three-month copper on the London Metal Exchange rose 0.9% to $6,480 a tonne by 0144 GMT, while the most-traded September copper contract on the Shanghai Futures Exchange advanced 0.5% to 51,900 yuan ($7,426.70) a tonne.
Positive COVID-19 vaccine developments, with Moderna Inc and Pfizer Inc launching two late-stage vaccines trials that could achieve regulatory approval and widespread use by end-2020, also supported sentiment.
* CHILE COPPER: Supervisors at Antofagasta Minerals’ Centinela copper mine in Chile have agreed to a new contract offer, avoiding the possibility of a strike, the union president said on Monday.
* TIN: ShFE tin jumped as much as 6.7% to 154,400 yuan a tonne, its highest since June 2018, while LME tin climbed to a level unseen since Jan. 21 at $13,995 a tonne. ShFE tin stockpiles hit its lowest since April 2017 last week. <SSN-TOTAL-W>
* OTHER PRICES: LME nickel jumped 1.9% to $13,975 a tonne, while ShFE nickel climbed 2.3% to 111,880 yuan a tonne and ShFE lead advanced 2% to 15,395 yuan a tonne.
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* Asian equities were set for a modest rise as investors weighed progress in U.S. government stimulus efforts against rising tensions with China and the growing coronavirus pandemic.
1400 US Consumer Confidence July
— US Federal Reserve’s Federal Open Market Committee
starts its two-day meeting on interest rates
($1 = 6.9883 yuan) (Reporting by Mai Nguyen; Editing by Vinay Dwivedi)