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London copper prices gain on China demand hopes

London copper prices rose on Monday as the easing of COVID-19 restrictions in top metals consumer China raised hopes of a revival in demand, although fears of a global economic slowdown due to rapid interest rate hikes limited gains.

FUNDAMENTALS
* Three-month copper on the London Metal Exchange was up 0.9% at $8,452.50 a tonne, as of 0156 GMT, after dropping to its lowest since February 2021 at $8,122.50 in the previous session.

* The most-traded August copper contract in Shanghai was flat at 64,430 yuan ($9,627.63) a tonne.
* Beijing on Saturday said it would allow primary and secondary schools to resume in-person classes and Shanghai’s top party boss declared victory over COVID-19 after the city reported zero new local cases for the first time in two months.

* Shanghai will gradually resume dining-in at restaurants from June 29 in low-risk areas and areas without any community-level spread of COVID-19 during the previous week,a Shanghai government official said on Sunday.
* A pair of U.S. central bankers said on Friday they supported further sharp interest rate hikes to stem rapid price rises, even as investors cheered economic data showing inflation expectations to be less worrisome than initially feared.

* The International Monetary Fund slashed its U.S. economic growth forecast as aggressive Federal Reserve interest rate hikes cool demand but predicted that the United States would “narrowly” avoid a recession.
* COLUMN-Zinc’s turn to feel the squeeze as LME stocks evaporate: Andy Home.
* Chilean state-owned copper miner Codelco, the world’s top producer of the red metal, sees a firm copper price ahead despite a recent sharp fall, chairman of the board Máximo Pacheco told Reuters in an interview in Santiago.
* The United States aims to raise $200 billion in private and public funds over five years to fund needed infrastructure in developing countries under a G7 initiative, the White House said on Sunday.

MARKETS NEWS
* Stocks gained in Asia on Monday amid improved risk sentiment after Wall Street rebounded strongly at the end of last week as oil prices eased.
Source: Reuters (Reporting by Brijesh Patel in Bengaluru; Editing by Amy Caren Daniel)

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