Credit: REUTERS/JUAN CARLOS ULATEJan 9 (Reuters) - London copper jumped to a more than six-month high on Monday, while most other base metals also rose amid optimism over demand after top consumer China reopened its borders.
Three-month copper on the London Metal Exchange CMCU3 rose 1.2% to $8,689 a tonne by 0323 GMT, after hitting its highest since June. 23, 2022 of $8,706.50 earlier in the session.
The most-traded March copper contract on the Shanghai Futures Exchange SCFcv1 advanced 1.6% to 66,150 yuan ($9,738.40) a tonne. The contract leaped 1.8% earlier in the session to its highest since Dec. 30 at 66,260 yuan a tonne.
China's yuan hit a near five-month high against the dollar, breaching a key threshold, on optimism over economic recovery following the country's border reopening and seasonal demand for the local unit.
After three years, mainland China opened sea and land crossings with Hong Kong and ended a requirement for incoming travellers to quarantine, dismantling a final pillar of a zero-COVID policy.
Economists and analysts also believed policymakers in China will take more steps to stimulate home demand this year, as part of Beijing's overall goal to bolster its $17 trillion economy, after a sharp COVID-induced downturn.
Metals are used extensively in housing construction.
LME zinc CMZN3 increased 2.1% to $3,088 a tonne, lead CMPB3 increased 2% to $2,244 a tonne, aluminium CMAL3 advanced 1.7% to $2,333.50 a tonne and tin CMSN3 was up 0.6% at $25,430 a tonne.
SHFE aluminium SAFcv1 advanced 0.9% to 18,025 yuan a tonne, zinc SZNcv1 increased 1.5% to 23,585 yuan a tonne, nickel SNIcv1 fell 0.6% to 211,360 yuan a tonne and lead SPBcv1 fell 0.7% to 15,560 yuan a tonne.
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(Reporting by Mai Nguyen in Hanoi; Editing by Rashmi Aich)
((mai.nguyen@thomsonreuters.com; Reuters Messaging: mai.nguyen.thomsonreuters.com@reuters.net))
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