Copper rises for 3rd session on China's stimulus measures

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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

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