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By Reuters Staff
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HANOI, Jan 19 (Reuters) - Copper advanced on Tuesday, as stronger-than-expected economic data from top consumer China lent support, though rising COVID-19 infections globally weighed on prices and assuaged expectations of a swift economic recovery.
Three-month copper on the London Metal Exchange rose 0.1% to $7,979.50 a tonne by 0322 GMT, while the most-traded March copper contract on the Shanghai Futures Exchange increased 0.4% to 58,940 yuan a tonne.
China posted on Monday solid economic growth data in the last quarter of 2020, affirming that the world’s second-biggest economy is well on track for a recovery from the pandemic slump.
However, China on Tuesday reported more than 100 new virus cases for the seventh day in its worst domestic outbreak since last March, fuelling worries of further movement curbs that could dampen the economic recovery.
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Home / News / Coronavirus weekly round-up: UK doles out first Covid jabs as Airbnb surges in $100bn IPO
Coronavirus weekly round-up: UK doles out first Covid jabs as Airbnb surges in $100bn IPO
Five investors mull the events shaping portfolios over the past week
It was a momentous week for the UK which became the first country to kick-off its Covid vaccination programme, with 90-year-old Margaret Keenan becoming the first person in the world to receive the Pfizer/BioNTech jab outside a clinical trial.
But the excitement was somewhat tempered by the ongoing Brexit negotiations, with investors growing increasingly anxious over the prospect of a no-deal outcome. Disappointing US unemployment figures and UK GDP figures also dampened the mood. But Airbnb’s $100bn IPO success story and UK banks being given the green light to resume dividend payments were among some very bright spots.