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.
* LME copper inventories
* 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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* 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.
0750 France Markit Serv, Comp PMIs
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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)