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METALS-Copper extends gains, aluminium near 20-month high on China demand

Nov 16 (Reuters) - Industrial metals rose on Monday, with copper extending gains into a third session and aluminium hovering near a 20-month high, on optimism around demand in top metals consumer China.

Copper inventories at warehouses monitored by the Shanghai Futures Exchange fell last week, suggesting demand in the world’s second-biggest economy remains robust, according to analysts.

Three-month copper on the London Metal Exchange was up 0.9% at $7,047 a tonne by 0151 GMT.

The most-traded December copper contract on the Shanghai Futures Exchange gained as much as 3.5% to 53,800 yuan ($8,173.31) a tonne.

London aluminium rose 0.5% to $1,941.50 a tonne. It had touched $1,943.50 on Friday, its strongest since March 21, 2019.

Shanghai aluminium jumped 0.9% to 15,585 yuan a tonne, with analysts citing a higher-than-expected drawdown in total reportable inventories in China last week as the reason.

FUNDAMENTALS

* Chinese new home prices grew at a slower monthly pace in October, data showed, with some big cities having rolled out measures like bans on sales or purchases to try to cool the market.

* Indonesian President Joko Widodo will send a high-level team this week to meet with top executives of U.S. automaker Tesla as the Southeast Asian country aims to become the world’s biggest producer of electric vehicle batteries.

* For the top stories in metals and other news, click or

MARKETS NEWS

* Asia’s stock markets opened higher, as vaccine optimism offset worries about rising coronavirus cases in Europe and new lockdowns in the United States, while oil prices and risk-exposed currencies also edged higher.

DATA/EVENTS (GMT)

0200 China Urban Investment (YTD) YY Oct

0200 China Industrial Output YY Oct

0200 China Retail Sales YY Oct

0630 India WPI Inflation YY Oct

1100 EU Reserve Assets Total Oct

Key banking/govt official to speak at the 23rd Euro Finance Week conference in Frankfurt

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

Reporting by Enrico Dela Cruz in Manila; Editing by Subhranshu Sahu

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