March 22, 2019 / 1:59 AM / a month ago

METALS-London metal prices rise in wake of upbeat U.S. economic data

SINGAPORE, March 22 (Reuters) - Base metal prices on the London Metal Exchange rose on Friday along with broader markets, buoyed after solid U.S. data helped calm worries over the outlook for the global economy.

Thursday's U.S. economic data was upbeat as initial claims for jobless benefits fell more than expected and mid-Atlantic factory activity rebounded sharply.

FUNDAMENTALS

* Three-month copper on the London Metal Exchange had edged up 0.2 percent to $6,435 a tonne by 0129 GMT, while aluminium climbed 0.3 percent.

* London nickel increased 0.1 percent and lead ticked up 0.3 percent amid low inventories in LME warehouses.

* Norsk Hydro, one of the world's largest aluminium producers, said one of its key units is operating at only 50 percent of capacity following a cyber attack on the company this week.

* The most-traded copper contract on the Shanghai Futures Exchange fell 0.5 percent to 49,070 yuan ($7,322.46) a tonne, while aluminium lost 0.4 percent and nickel fell 2 percent.

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MARKETS NEWS

* Asian shares advanced after the U.S. economic data and optimism in the tech sector lifted Wall Street stocks.

DATA/EVENTS (GMT)

0815 France Markit Mfg Flash PMI March

0830 Germany Markit Mfg Flash PMI March

0900 EU Markit Mfg Flash PMI March

0900 EU Markit Serv Flash PMI March

0900 EU Markit Comp Flash PMI March

1030 Russia Central bank key rate March

1400 US Existing Home Sales Feb

ECB President Mario Draghi participates in

European Council meeting

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 = 6.7013 Chinese yuan renminbi)

Reporting by Mai Nguyen; Editing by Joseph Radford

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