July 28, 2020 / 2:06 AM / 18 days ago

METALS-Copper, base metals rise as U.S. stimulus hopes lift sentiment

SINGAPORE, July 28 (Reuters) - Copper and industrial metals advanced on Tuesday as U.S. Senate Republicans proposed a $1 trillion coronavirus aid package a day earlier, lifting risk sentiment.

The news sent the U.S. dollar to a fresh two-year low, making greenback-priced London metals more attractive for buyers using other currencies.

Three-month copper on the London Metal Exchange rose 0.9% to $6,480 a tonne by 0144 GMT, while the most-traded September copper contract on the Shanghai Futures Exchange advanced 0.5% to 51,900 yuan ($7,426.70) a tonne.

Positive COVID-19 vaccine developments, with Moderna Inc and Pfizer Inc launching two late-stage vaccines trials that could achieve regulatory approval and widespread use by end-2020, also supported sentiment.

FUNDAMENTALS

* CHILE COPPER: Supervisors at Antofagasta Minerals' Centinela copper mine in Chile have agreed to a new contract offer, avoiding the possibility of a strike, the union president said on Monday.

* TIN: ShFE tin jumped as much as 6.7% to 154,400 yuan a tonne, its highest since June 2018, while LME tin climbed to a level unseen since Jan. 21 at $13,995 a tonne. ShFE tin stockpiles hit its lowest since April 2017 last week. SSN-TOTAL-W

* OTHER PRICES: LME nickel jumped 1.9% to $13,975 a tonne, while ShFE nickel climbed 2.3% to 111,880 yuan a tonne and ShFE lead advanced 2% to 15,395 yuan a tonne.

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MARKETS NEWS

* Asian equities were set for a modest rise as investors weighed progress in U.S. government stimulus efforts against rising tensions with China and the growing coronavirus pandemic.

DATA/EVENTS (GMT)

1400 US Consumer Confidence July

-- US Federal Reserve's Federal Open Market Committee

starts its two-day meeting on interest rates

$1 = 6.9883 yuan Reporting by Mai Nguyen; Editing by Vinay Dwivedi

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