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LME copper rebounds from 3-mth low, but growth concerns cap gains

London copper prices bounced back on Thursday, recovering from their lowest in more than three months on the back of a broad-based rally in financial and commodity markets, but gains were limited by global economic growth concerns.

FUNDAMENTALS

* Three-month copper on the London Metal Exchange had climbed 1.4 percent to $6,040 a tonne by 0148 GMT, with the most-traded copper contract on the Shanghai Futures Exchange gaining 1 percent to 48,470 yuan ($7,035.96) a tonne.

* LME copper declined to $5,941 a tonne on Monday, its weakest since Sept. 18.

* Oil and equity markets jumped on Wednesday, driven by the Trump administration’s attempt to shore up investor confidence and a report on strong U.S. holiday spending.

* Russia’s Baikal Mining Company, operator of a large Udokan copper deposit, has agreed $1.25 billion of project financing from banks, Alisher Usmanov, who owns this company, told reporters in Moscow on Wednesday.

* A global nickel market deficit will nearly halve to 49,000 tonnes in 2019 from 93,000 tonnes this year on higher output of primary metals by global suppliers and of lower-grade nickel pig iron (NPI) in Indonesia, Sumitomo Metal Mining said on Tuesday.

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