for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

METALS-Copper rises on reports of Biden's budget plans, Chile supply threat

HANOI, May 28 (Reuters) - Copper prices advanced on Friday, buoyed by demand optimism on reports of U.S. President Joe Biden’s plans to make a $6 trillion budget announcement, while supply concerns in top producer Chile also supported sentiment.

Biden will also seek to raise the U.S. federal spending to $8.2 trillion by 2031, the New York Times reported, which will likely boost growth and infrastructure.

Copper is often used as the bellwether of the global economy and also widely used in infrastructure projects.

Three-month copper on the London Metal Exchange rose 0.5% to $10,270 a tonne by 0239 GMT, on track for the second straight monthly gain.

The most-traded July copper contract on the Shanghai Futures Exchange advanced 2.8% to 73,770 yuan ($11,568.14) a tonne.

Copper prices were also supported by a strike at BHP’s Escondida and Spence mines.

FUNDAMENTALS

* LME nickel advanced 1.4% to $18,150 a tonne, SHFE aluminium increased 2.4% to 18,835 yuan a tonne, ShFE nickel jumped 4.9% to 132,330 yuan a tonne and ShFE zinc climbed 2.6% to 22,985 yuan a tonne.

* ShFE tin hit a record high of 209,990 yuan a tonne and LME tin rose to its highest since May 2011 of $30,760 a tonne.

* Yangshan copper premium SMM-CUYP-CN dropped to $35.50 a tonne, its lowest since Feb. 2016, indicating weakening demand for imported metal into China.

MARKETS NEWS

* Asian stocks put global equities on course for a seventh day of gains as investors bet the U.S. will lead the world out of the COVID-19 pandemic, with the focus turning to the multi-trillion dollar spending boost by the Biden administration.

DATA/EVENTS (GMT)

0645 France GDP QQ Final Q1

0645 France CPI (EU Norm) Prelim YY May

0900 EU Consumer Confid. Final May

1230 US Consumption, Adjusted MM April

1400 US U Mich Sentiment Final May ($1 = 6.3770 yuan) (Reporting by Mai Nguyen; Editing by Rashmi Aich)

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up