METALS-Copper prices near one-month high as China policy shift lifts sentiment

NEW DELHI, Dec 11 (Reuters) - London copper prices climbed to a nearly one-month high on Wednesday, as markets drew support from top consumer China's surprise shift in its monetary policy stance toward more easing and a proactive fiscal policy to propel growth. Three-month copper on the London Metal Exchange (LME) CMCU3 was up 0.8% at $9,293.5 per metric ton, as of 0248 GMT. The contract briefly touched $9,314 per metric ton, its highest level since Nov. 12. The most-traded January copper contract on the Shanghai Futures Exchange (SHFE) SCFcv1 rose 0.5% to 75,760 yuan ($10,456.87) a ton. China will adopt an "appropriately loose" monetary policy next year, the first easing of its stance in some 14 years, alongside a more proactive fiscal policy to spur economic growth, the Politburo was quoted as saying on Monday. The copper market, which is used in power and construction, is awaiting further support for China's economy, especially in the construction sector. "Changes in fiscal or monetary policy typically take 2-3 quarters to translate into real-market impact. As a result, we do not expect to see a continuous improvement in the region until the second half of 2025," Sucden Financial said in a note. "Without clear signs of sustained recovery in the construction sector, it will be challenging for the market to establish a lasting upward trend." The focus is now on China's Central Economic Work Conference meeting this week for more clarity on key targets and potential economy stimulus measures for next year. LME aluminium CMAL3 was up 0.4% at $2,619.5 a ton, nickel CMNI3 gained 0.3% at $15,760, zinc CMZN3 was up 0.7% at $3,157, lead CMPB3 nudged 0.2% higher to $2,068.5 and tin CMSN3 gained 0.2% to $29,840. SHFE aluminium SAFcv1 edged up 0.07% to 20,400 yuan a ton, nickel SNIcv1 fell 1.4% to 125,340 yuan, tin SSNcv1 added 0.2% at 248,550 yuan, while zinc SZNcv1 rose 0.8% to 26,025 yuan and lead SPBcv1 dropped 0.06% at 17,700 yuan. For the top stories in metals and other news, click TOP/MTL or MET/L ($1 = 7.2450 Chinese yuan) (Reporting by Neha Arora; Editing by Sherry Jacob-Phillips) (([email protected];)) (( For related news and prices, click on the codes in brackets: LME price overview RING= COMEX copper futures 0#HG: All metals news MTL All commodities news C Foreign exchange rates FX= SPEED GUIDES LME/INDEX ))