×

METALS-Copper hits 3-year high, near $7,000 on resilient global growth

MELBOURNE, Sept 4 (Reuters) - London copper hit its highest in three years in early Asian trading on Monday as investment flowed into industrial metals amid surprisingly robust global factory growth.

FUNDAMENTALS

* London Metal Exchange copper climbed by 1 percent to $6,905.50 a tonne by 0138 GMT, extending a 0.7 percent advance from the previous session. Prices earlier struck $6,915 a tonne, the highest since Sept 2014. Prices are now on track for their biggest annual advance since 2010, up 25 percent.

* Shanghai Futures Exchange copper rose by 1 percent to 53,270 yuan ($8,134) a tonne.

* LME nickel was the biggest gainer for the session, striking its highest since June 2015, up 2.5 percent at $12,335 a tonne as steel and its inputs stretched a rally fueled by expectations that China will close capacity over winter to clear its smog-choked skies.

* Factories across Asia and Europe cranked up production last month as global demand remained strong, confounding expectations growth may have peaked.

* Hedge funds and money managers upped their bullish stance in copper to a fresh record, U.S. government data showed on Friday.

* U.S. job growth slowed more than expected in August after two straight months of hefty increases, but the pace of gains should be more than enough for the Federal Reserve to announce a plan to start trimming a massive bond portfolio accumulated as it sought to bolster the economy.

* For the top stories in metals and other news, click or

MARKETS NEWS

* The Japanese yen, gold and sovereign bonds all rose early on Monday as North Korea's latest nuclear test provoked the usual knee-jerk shift to assets perceived as safe havens, while futures pointed to a difficult day for global equities.

PRICES

Three month LME copper

Most active ShFE copper

Three month LME aluminum

Most active ShFE aluminum

Three month LME zinc

Most active ShFE zinc

Three month LME lead

Most active ShFE lead

Three month LME nickel

Most active ShFE nickel

Three month LME tin

Most active ShFE tin

ARBS ($1 = 6.5493 Chinese yuan renminbi)

(Reporting by Melanie Burton; Editing by Kenneth Maxwell)