Copper surpasses $10,000/T on global economic recovery hope

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HANOI — Copper prices rose past a key psychological level of $10,000 a tonne on Wednesday, buoyed by optimism about global economic recovery, but trading volume was tepid due to China market holidays.

Three-month copper on the London Metal Exchange rose as much as 0.6% to $10,030, its highest level since February 2011 when the contract hit its record high of $10,190 a tonne.

Aluminum advanced 0.5% to $2,441 a tonne at 0338 GMT, nickel increased 1.2% to $17,885 a tonne and tin climbed 1.9% to $29,535 a tonne.

The U.S. economy is growing at its fastest rate since the early 1980s while British manufacturing activity grew at the fastest pace in almost 27 years last month.

FUNDAMENTALS

* LME copper inventories fell to 137,400 tonnes, their lowest since March 26.

* U.S. Treasury Secretary Janet Yellen said on Tuesday she sees no inflation problem brewing, downplaying earlier comments that rate hikes may be needed to stop the economy overheating as President Joe Biden’s spending plans boost growth.

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MARKETS NEWS

* Asian shares risked falling for a fourth straight session as sentiment took a knock from a selloff in large cap Wall Street tech darlings, combined with talk of rising U.S. interest rates.

DATA/EVENTS (GMT)

0750 France Markit Serv, Comp PMIs

0755 Germany Markit Services PMI

0755 Germany Markit Comp Final PMI

0800 EU Markit Serv, Comp Final PMIs

1345 US Markit Serv, Comp Final PMIs

1400 US ISM N-Mfg PMI

PRICES

Three month LME copper

Most active ShFE copper

Three month LME aluminum

Most active ShFE aluminum

Three month LME zinc

Most active ShFE zinc

Three month LME lead

Most active ShFE lead

Three month LME nickel

Most active ShFE nickel

Three month LME tin

Most active ShFE tin

ARBS (Reporting by Mai Nguyen; Editing by Rashmi Aich)