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SINGAPORE - London copper prices rose for a third straight session on Thursday as China's move to inject liquidity into the financial system boosted expectations of higher demand in the world's top industrial metals consumer.
FUNDAMENTALS
Three-month copper on the London Metal Exchange rose 0.3 percent to $5,987 a tonne by 0130 GMT while the most-traded contract on the Shanghai Futures Exchange gained 0.5 percent to 47,390 yuan ($7,017.41) a tonne.
China's central bank said it will make another big cash injection through open market operations on Thursday, following its biggest-ever net liquidity injection a day earlier.
The People's Bank of China (PBOC) is injecting 250 billion yuan ($37 billion) through seven-day reverse bond repurchase agreements and 150 billion yuan through 28-day reverse repos, traders said.
China's policymakers are pledging to step up stimulus measures this year and do more to protect jobs as economic growth cools to 28-year lows.
In signs of improving liquidity, Chinese banks extended far more new loans in December than expected, bringing last year's tally to a record $2.4 trillion.
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MARKETS NEWS
Asian shares crept higher on Thursday as upbeat bank earnings bolstered Wall Street, while an anti-climactic end to the latest chapter in the Brexit saga gave sterling a moment's peace.
DATA/EVENTS (GMT) 1000 Euro zone Consumer prices Dec 1030 Brazil IBC-BR Economic Activity Nov 1330 US Philly Fed Business Index Jan 1330 US Continued Jobless Claims w/e Jan. 5 1330 US Initial Jobless Claims w/e Jan. 12 1330 US Housing Starts Number Dec 1330 US Building permits number Dec
PRICES
Three month LME copper
Most active ShFE copper
Three month LME aluminium
Most active ShFE aluminium
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 ($1 = 6.7532 Chinese yuan) ($1 = 6.7519 Chinese yuan renminbi)
(Reporting by Naveen Thukral; editing by Richard Pullin)
© Reuters News 2019