Copper heads for weekly gain on Fed rate cut, China stimulus hope
Recasts, updates prices
BEIJING, Sept 20 (Reuters) -Copper prices hovered around two-month highs on Friday and were poised for a weekly gain as theoutsized U.S. interest rate cut and expectations ofstimulus from top consumer China boosted demand prospects.
Earlier in the session, three-month copper on the London Metal Exchange CMCU3 hit $9,595 per metric ton, the highest since July 18. It was up 0.7% at$9,578.50 per metric ton at 0513GMT, having risen 3.5% so far this week.
The most-traded October copper contract on the Shanghai Futures Exchange SCFcv1 was 1.4% higher at 75,960 yuan a ton.
The U.S. central bank kicked off its monetary policy easingcycle on Wednesday with a larger-than-usual half-percentagepoint reduction, lifting global risk assets.
The rate cut eased concerns of weaker demand, a major headwind for metals, said ANZ analysts, expecting the lower rates to help release pent-updemand from the U.S. housing market.
Also supporting sentiment were expectations of more support measures by China to revive its economic growth, asthe Fed's easing offers Beijing leeway to loosen monetary policy without unduly hurting the yuan.
That was despite China unexpectedly leaving benchmark lending rates unchanged at the monthly fixing on Friday.
Copper inventories in China also declined recently amid a pick-up in seasonal demand.
Deliverable copper stocks on SHFE CU-STX-SGH dropped 45% to 185,520 tons last week from a multi-year peak in June.
LME aluminium CMAL3 nudged 0.1% higher to$2,543 a ton, zinc CMZN3 increased 0.6% to $2,946, nickel CMNI3 rose 0.5% at $16,420, lead CMPB3 climbed 0.8% to $2,092 and tin CMSN3 gained 1.5% to $32,295.
SHFE aluminium SAFcv1 rose 0.6% to 20,075 yuan a ton, nickel SNIcv1 added 1% to 125,760 yuan, zinc SZNcv1 gained 1.2% to 24,240 yuan, lead SPBcv1 ticked up 1.7% at 16,675 yuan and tin SSNcv1 moved 2% higher to 261,230 yuan.
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Reporting by Siyi Liu and Mei Mei Chu; Editing by Mrigank Dhaniwala and Eileen Soreng
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