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METALS-Copper advances on solid China data, vaccine optimism

HANOI, Dec 16 (Reuters) - Copper prices rose on Wednesday as data showed a solid economic recovery in top consumer China, with sentiment also underpinned by optimism around the roll-out of COVID-19 vaccines.

Three-month copper on the London Metal Exchange increased 0.5% to $7,818 a tonne by 0253 GMT, while the most-traded January copper contract on the Shanghai Futures Exchange climbed 0.7% to 57,960 yuan ($8,859.81) a tonne.

China’s factory output grew at the fastest pace in 20 months in November on rising demand for its manufactured goods.

Copper and most base metals are widely used in manufacturing.

Moderna Inc’s COVID-19 vaccine appeared set for U.S. regulatory authorisation this week, while Europeans could start getting coronavirus vaccines before the new year.

Meanwhile, top U.S. congressional leaders began a second meeting on Tuesday to try to come up with a coronavirus aid package, fuelling hopes of further stimulus.

FUNDAMENTALS

* LME aluminium rose 0.4% to $2,037.50 a tonne, zinc increased 1% to $2,841.50 a tonne while ShFE aluminium was up 0.9% to 16,420 yuan a tonne and zinc advanced 0.8% to 21,575 yuan a tonne.

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MARKETS NEWS

* Asian stocks rose on Wednesday as hopes of effective coronavirus vaccines and the growing prospect of more U.S. fiscal stimulus cheered investors ahead of the Christmas holiday season.

DATA/EVENTS (GMT)

0700 UK CPI YY Nov

0815 France Markit Serv, Mfg, Comp Flash PMI Dec

0830 Germany Markit Serv, Mfg, Comp Flash PMI Dec

0900 EU Markit Serv, Mfg, Comp Flash PMI Dec

0930 UK Serv, Mfg, Comp Flash PMI Dec

1330 US Retail Sales MM Nov

1445 US Markit Serv, Mfg, Comp Flash PMI Dec

1900 US U.S. Federal Reserve’s Federal Open Market

Committee announces its decision on interest

rates followed by statement

1930 US U.S. Federal Reserve chairperson

holds a news conference

$1 = 6.5419 yuan Reporting by Mai Nguyen; Editing by Aditya Soni

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