March 5, 2020 / 3:58 AM / 25 days ago

METALS-Base metals rise as stronger global equities aid sentiment

March 5 (Reuters) - Industrial metals rose on Thursday as sentiment received a boost from stronger equity markets, outweighing worries about the global economic impact from the fast-spreading coronavirus.

Three-month copper on the London Metal Exchange (LME) rose 0.7% to $5,725 a tonne by 0310 GMT, while the most-traded copper contract on the Shanghai Futures Exchange (ShFE) advanced 0.2% to 45,170 yuan ($6,510.99) a tonne.

Asian shares rallied for a fourth straight session as U.S. markets swung sharply higher and another dose of central bank stimulus offered some salve for the global economic outlook.

Wall Street seemed to find relief in the strong performance of former Vice President Joe Biden in the Democratic nomination campaign. Biden is considered less likely to raise taxes and impose new regulations than rival Bernie Sanders.

FUNDAMENTALS

* PRICES: LME aluminium rose 0.1% to $1,727.50 a tonne, nickel advanced 1% to $12,805 a tonne, zinc jumped 1.2% to $2,005.50 a tonne. ShFE aluminium increased 0.3% to 13,150 yuan a tonne and ShFE nickel was up 0.4% to 102,640 yuan a tonne.

* U.S. data: U.S. services sector activity jumped to a one-year high in February, suggesting strength in the economy before a recent escalation of recession fears ignited by the epidemic.

* VIRUS: Mainland China reported a rise in new cases of coronavirus on Wednesday, reversing three straight days of declines, while South Korea confirmed 438 new cases on Thursday, taking total infections to 5,766.

* COPPER: Japanese miner Sumitomo Metal Mining said it aims to boost its annual copper output through its shareholding to 300,000 tonnes by 2030 under its new long-term vision.

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DATA/EVENTS (GMT)

1330 U.S. Initial Jobless Claims Weekly

1500 U.S. Factory Orders MM Jan

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 = 6.9375 Chinese yuan) (Reporting by Mai Nguyen; editing by Uttaresh.V)

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