SINGAPORE - London copper prices rose on Monday, as better-than-expected data from top consumer China boosted sentiment, but trading volume was low ahead of a long holiday in China.

Three-month copper on the London Metal Exchange (LME) rose 0.1% to $6,280.50 a tonne by 0456 GMT, hovering around an eight-month high as investors were upbeat about some of China's key economic data released on Friday.

China's industrial output and retail sales in December as well as 2019 fixed-asset investment rose better than expected.

"Downstream retail sectors and manufacturing sectors should be the key drivers for China's 2020 economic growth. With solid demand for homes, China's investment in property sectors and related manufacturing sectors may also support asset investment growth," analyst Helen Lau of Argonaut Securities said.

"Against this development, overall demand for commodities is set to improve," she said in a note.

Shanghai Futures Exchange's (ShFE) most active copper contract, however, eased 0.6% to 49,040 yuan ($7,163.31) a tonne after growing 0.8% last week, as trade slowed leading up to China's week-long Lunar New Year holiday starting Jan. 24.

FUNDAMENTALS

CHINA SCRAP: China's market regulator published new standards for high-grade copper scrap and aluminium scrap metal on Sunday, shedding some light on what material will be allowed into the country from the second half of this year.

ZINC: Historically low stocks of zinc in London Metal Exchange registered warehouses are likely to fuel price volatility and confound those investors looking at an oversupplied market and expecting significantly lower prices.

OTHER PRICES: LME aluminium edged up 0.1% to $1,806 a tonne, zinc rose 0.1% to $2,431.50 a tonne, lead advanced 1% to $1,996.50 a tonne, while nickel fell 0.1% to $13,895 a tonne.

SHANGHAI PRICES: ShFE aluminium fell 0.1% to 14,270 a tonne, nickel dropped 1.2% to 108,320 a tonne while zinc edged up 0.2% to 18,415 yuan a tonne, while lead rose 1.4% to 15,475 yuan a tonne.

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 = 6.8460 Chinese yuan renminbi) (Reporting by Mai Nguyen; Editing by Shailesh Kuber)

© Reuters News 2020