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Copper Inches Higher as Investors Eye U.S. Stimulus

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HANOI, Jan 26 Reuters Copper prices edged up on Tuesday, as investors awaited cues to the prospects of a U.S. stimulus package proposed by President Joe Biden that is worth 1.9 trillion.

Threemonth copper on the London Metal Exchange edged up 0.1 to 7,973 a tonne by 0315 GMT, while the mosttraded March copper contract on the Shanghai Futures Exchange was almost flat at 58,810 yuan 9,087.68 a tonne.

Biden is pushing for a sweeping pandemic relief proposal, but Democratic Majority Leader Chuck Schumer warned a comprehensive deal may be four to six weeks away, as many U.S. Republicans have balked at the price tag.

FUNDAMENTALS

China, the worlds top metals consumer, reported a fall in new COVID19 infections, official data showed.

LME cash aluminium was at a 8.33atonne premium over the threemonth contract, a level unseen since December 2019, indicating tight nearby supplies.

LME cash aluminium was at a 8.33atonne premium over the threemonth contract, a level unseen since December 2019, indicating tight nearby supplies.

ShFE tin hit a record high of 173,070 yuan a tonne and tin advanced 1.1 to 22,705 a tonne, hovering around its highest since 2014, as tight supplies supported prices.

LME nickel rose 0.5 to 18,340 a tonne and ShFE aluminium dropped 0.9 to 14,825 yuan a tonne while nickel rose 0.7 to 135,800 yuan a tonne.

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